Poland's fiscal outlook is weak, with net general government debt increasing to 67% of GDP by 2028, reflecting high defense and social spending, as well as the 2027 parliamentary elections. While geopolitical risks have resulted in a substantial increase in defense spending, we think the Polish economy has remained unaffected by hybrid or lower-level attacks such as drone incursions, and Poland's NATO membership makes any direct military confrontation unlikely. At the same time, Poland's economic growth outlook is strong, access to EU transfers is ample, private and external leverage is low, inflation is on target, and the financial sector is stable. We therefore affirmed our 'A-/A-2' foreign currency and 'A/A-1' local currency ratings on Poland. The outlook is stable. On
