OVERVIEW We believe that an acceleration of growth in 2017 will prevent the Polish government's finances from deteriorating significantly despite extensive social spending measures, a reduction in the retirement age, and persisting political uncertainties. We are therefore affirming our 'BBB+/A-2' foreign currency and 'A-/A-2' local currency sovereign credit ratings on Poland. The stable outlook for our two-year forecast horizon balances the risks arising from the government's more expansionary fiscal stance and increased social spending against its continuing economic growth momentum. RATING ACTION On April 21, 2017, S&P Global Ratings affirmed its 'BBB+/A-2' long- and short-term foreign currency sovereign credit ratings and 'A-/A-2' long- and short-term local currency sovereign credit ratings on the Republic of Poland. The outlook is stable. RATIONALE
