Poland's FC and LC Rtgs Affirmed; S&P Outlook to Positive

NY -- Standard&Poor's CreditWire 6/3/97 -- Standard&Poor's today has affirmed the Republic of Poland's triple-'B'-minus long-term foreign currency rating and its single-'A'-minus long-term local currency rating and has revised the outlook to positive from stable on both ratings. Standard&Poor's has also affirmed the 'A-1' short-term local currency rating and assigned the 'A-3' short-term foreign currency rating. Poland's ratings and positive outlook reflect: -- Favorable prospects for a further decline in inflation to about 13%-14% by year-end 1997 and possibly to a single-digit level in 1998. -- The recent and prospective substantial progress on pension reform and privatization. The successful implementation of costly pension reform to be financed by proceeds from privatization is crucial to

Ratings Action