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English Section

S&P affirms Poland's credit rating amid pandemic

05.10.2020 07:40
International ratings agency S&P Global has affirmed Poland's "A-" long-term foreign-currency credit rating, with a stable outlook, as economies worldwide struggle with the fallout from the coronavirus pandemic.
Image by Gerd Altmann from Pixabay
Image by Gerd Altmann from Pixabay pixabay.com

S&P, one of the world’s "Big Three" credit rating agencies, said at the end of last week it was keeping Poland's long- and short-term foreign-currency sovereign credit ratings at A-/A-2, with a stable outlook.

The rating agency maintained the country's local-currency ratings at “A/A-1.”

It cited Poland's diversified economy, European Union membership and manageable levels of public and private debt as the rationale for the rating action.

Meanwhile, ratings agency Fitch at the end of last month affirmed Poland's "A-" credit rating with a stable outlook, citing the country’s “diversified economy with a track record of stable growth and sound policy framework, coupled with EU membership.”

The Moody's ratings agency last month kept Poland's rating unchanged at "A2" with a stable outlook.

The Polish economy contracted 8.2 percent in the second quarter of this year, the country’s Central Statistical Office (GUS) reported at the end of last month, confirming its earlier estimate amid the coronavirus pandemic.

S&P Global in October 2018 upgraded Poland's credit rating from BBB+ to A-, while describing the country's outlook as “stable.”

(gs/pk)

Source: PAP, gov.pl