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S&P affirms Poland's credit rating

03.10.2022 06:00
International ratings agency S&P Global has affirmed Poland's "A-" long-term foreign-currency credit rating, with a stable outlook, as economies struggle with the fallout from Russia's war against Ukraine.
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 competitive and diversified economy as well as strong economic and fiscal performance as the rationale for the rating action, according to a statement by the Polish finance ministry.

The agency predicted, however, that macroeconomic risks and shocks from Russia's war on Ukraine would have a negative impact on Poland's economy and public finance, Polish state news agency PAP reported.

S&P has trimmed its 2022 GDP growth forecast for Poland to 4 percent from a previous prediction of 4.5 percent and is also expecting slower economic growth next year, 1.2 percent instead of the 2.1 percent it predicted earlier, the PAP news agency reported.


Source: PAP, gov.pl