Outlook On Poland Revised To Positive On Steady Economic Growth; Ratings Affirmed

OVERVIEW We expect economic growth in Poland will be broad-based, leading to a convergence of Polish incomes with those of wealthier EU states. Poland's sound macroeconomic management, stable public finances, and moderate external financing needs also underpin growth prospects. We are therefore revising our outlook on Poland to positive and affirming the 'A-/A-2' foreign currency and 'A/A-1' local currency sovereign ratings. The positive outlook reflects our view that sound growth prospects will translate into higher income levels and improved creditworthiness over the forecast horizon. RATING ACTION On Feb. 6, 2015, Standard&Poor's Ratings Services revised its outlook on the long-term ratings on the Republic of Poland to positive. We affirmed the 'A-/A-2' long- and short-term foreign currency and 'A/A-1'

...OVERVIEW + We expect economic growth in Poland will be broad-based, leading to a convergence of Polish incomes with those of wealthier EU states. + Poland's sound macroeconomic management, stable public finances, and moderate external financing needs also underpin growth prospects. + We are therefore revising our outlook on Poland to positive and affirming the 'A-/A-2' foreign currency and 'A/A-1' local currency sovereign ratings. + The positive outlook reflects our view that sound growth prospects will translate into higher income levels and improved creditworthiness over the forecast horizon. RATING ACTION On Feb. 6, 2015, Standard & Poor's Ratings Services revised its outlook on the long-term ratings on the Republic of Poland to positive. We affirmed the 'A-/A-2' long- and short-term foreign currency and 'A/A-1' long- and short-term local currency sovereign credit ratings. We also revised the transfer and convertibility (T&C) assessment for Poland to '##-' from 'A+' (a T&C assessment...

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