NEW YORK (Standard&Poor's CreditWire) June 10, 1999--Standard&Poor's today raised its long-term foreign currency sovereign and senior unsecured credit ratings on the Republic of Poland to triple-'B' from triple-'B'-minus. Additionally, Standard&Poor's raised the republic's long-term local currency sovereign and senior unsecured credit ratings to single-'A' from single-'A'-minus. Standard&Poor's also affirmed its short-term foreign currency rating of 'A-3' and its short-term local currency rating of 'A-1'. The outlook on both long-term local and foreign currency ratings remains positive. Poland's ratings and positive outlook reflect: -- Recent advances, and good prospects for extending, structural reforms during the next few years. Progress has been particularly noteworthy with regard to pension and administrative reforms and large-scale privatization
