LONDON (Standard&Poor's) June 23, 2003--Standard&Poor's Ratings Services said today it revised its local and foreign currency outlooks on the Republic of Poland to negative from stable. At the same time, Standard&Poor's affirmed its 'BBB+/A-2' foreign currency and 'A/A-1' local currency ratings on Poland. "The outlook revision reflects a deterioration of Poland's medium-term fiscal prospects, in view of increased fiscal pressures going forward and political difficulties facing key fiscal reforms," said Standard&Poor's credit analyst Beatriz Merino. Pressure on expenditures is expected to increase from 2004, reflecting costs related to EU membership, as well as the ongoing costs of economic restructuring. In addition, the government plans to reduce tax rates in 2004, and unless
