OVERVIEW Poland's economy has robust fundamentals and strong growth potential. Significant pension system reform is likely to help reduce government debt and ongoing fiscal expenditures. However, it also increases the government's implicit pension liability and indicates to us that policy predictability has lessened. We are therefore affirming our 'A-/A-2' foreign and 'A/A-1' local currency ratings on Poland. The outlook is stable, reflecting our view of balanced risks to the ratings. RATING ACTION On Feb. 7, 2014, Standard&Poor's Ratings Services affirmed its 'A-/A-2' long- and short-term foreign currency and 'A/A-1' long- and short-term local currency sovereign credit ratings on the Republic of Poland. The outlook is stable. RATIONALE The rating on Poland is supported by its strong, increasingly open
