This report does not constitute a rating action. S&P Global Ratings believes its ratings on Krakow and Lodz are unlikely to come under immediate pressure should interest rates in Poland increase moderately, despite the cities’ predominance of floating rate debt. However, a more pronounced rise in market rates back to highs seen in 2022 could structurally pressure financials if sustained. Chart 1 In line with broader global trends, Polish market rates increased over recent weeks. While we expect the National Bank of Poland (NBP) to hold its reference rate steady at 3.75% through 2029, the six-month tenor of the Warsaw Interbank Offered Rate (WIBOR), Poland’s key interbank lending rate, has approached 4%--a level not seen since December 2025. This follows
