OVERVIEW We expect Poland to continue along its incremental path of balanced economic growth, sound macroeconomic management, stable public finances, and moderate external financing needs. We are therefore affirming our long- and short-term foreign currency sovereign credit ratings on Poland at 'A-/A-2' and our 'A/A-1' local currency ratings. The stable outlook balances our view of upside growth prospects with downside risks emanating primarily from external events such as the Ukraine-Russia situation and exposure to a weaker economic recovery in the eurozone. RATING ACTION On Aug. 8, 2014, Standard&Poor's Ratings Services affirmed its 'A-/A-2' long- and short-term foreign currency and 'A/A-1' long- and short-term local currency sovereign credit ratings on the Republic of Poland. The outlook is stable. RATIONALE
