On Oct. 27, 2008, Standard&Poor's Ratings Services revised its outlook on the long-term foreign currency sovereign credit rating on the Republic of Poland to stable from positive. At the same time, the 'A-/A-2' foreign currency and 'A/A-1' local currency ratings were affirmed. The outlook on the long-term local currency sovereign credit ratings is stable. The outlook revision reflects the adverse impact that we expect the deteriorated international economic and financial environment to have on the Polish economy. Slowing external demand, tightening credit conditions, and reduced availability and higher cost of external funding will lead to a slowdown in economic activity and increased pressure on private and public sector balance sheets. Poland's growth perspective will be dented by a
