Ratings: Foreign Currency: BBB+/Stable/A-2 Local Currency: A-/Stable/A-2 For further details see ratings list. OVERVIEW The Polish economy is flexible, open, and productive. It is, however, at risk of being overstimulated by a combination of procyclical fiscal policy, an accommodative monetary stance, rising external demand, resurgent EU transfers, and rapid wage growth. The sovereign's underlying vulnerabilities include a declining working-age population; a decreasing pension replacement ratio; institutional uncertainties; and a still-tentative recovery of private investment. We are affirming our 'BBB+/A-2' foreign currency and 'A-/A-2' local currency sovereign credit ratings with a stable outlook. RATING ACTION On Oct. 20, 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
