We expect Poland to continue along its incremental path of balanced economic growth, sound macroeconomic management, stable public finances, and moderate external financing needs. We are therefore affirming our long- and short-term foreign currency sovereign credit ratings on Poland at 'A-/A-2' and our 'A/A-1' local currency ratings. The stable outlook balances our view of upside growth prospects with downside risks emanating primarily from external events such as the Ukraine-Russia situation and exposure to a weaker economic recovery in the eurozone. On Aug. 8, 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. The ratings on Poland
