LONDON (Standard&Poor's) Oct. 24, 2003--Standard&Poor's Ratings Services said today it assigned its 'BBB+' long-term foreign currency senior unsecured debt rating to the $1 billion bond due in 2014 issued by the Republic of Poland (foreign currency BBB+/Negative/A-2; local currency A/Negative/A-1). The rating on the issue reflects the 'BBB+' long-term foreign currency issuer rating on the Republic. The factors supporting the ratings on Poland include a manageable external liquidity position, as well as a competitive, resilient, and increasingly diversified export sector that is expected to lead the country's incipient economic recovery. However, the ratings remain constrained by the need to implement fiscal reforms sufficient to prevent a further deterioration of fiscal indicators. In the absence of far-reaching
