This report does not constitute a rating action. FRANKFURT (S&P Global Ratings) Oct. 29, 2026--In line with broader global trends, Polish market rates increased over recent weeks. Despite a predominance of floating rate debt, our ratings on Krakow and Lodz are unlikely to come under immediate pressure should interest rates in Poland increase moderately (see “ Polish Cities Brief: Krakow And Lodz Remain Vulnerable To Higher Interest Rates ,†published today). However, a more pronounced rise in market rates back to highs seen in 2022 could structurally pressure financials if sustained. While we expect the National Bank of Poland to hold its reference rate steady at 3.75% through 2029, the six-month tenor of the Warsaw Interbank Offered Rate (WIBOR), Poland’s
