OVERVIEW We believe that near-term concerns over a further weakening of Poland's key institutions have abated, while the sovereign's budgetary position has not deteriorated, despite its weaker-than-expected economic growth. We are therefore revising our outlook on Poland to stable from negative and affirming our 'BBB+/A-2' foreign currency and 'A-/A-2' local currency sovereign credit ratings. The stable outlook for our two-year forecast horizon balances the risks arising out of the government's more expansionary fiscal stance and increased social spending against its continuing, though slightly weakened, economic growth momentum. RATING ACTION On Dec. 2, 2016, S&P Global Ratings revised its outlook on the Republic of Poland to stable from negative. At the same time, the 'BBB+/A-2' long- and short-term foreign currency sovereign
