Poland is the only member of the European Union to have avoided recession since the onset of the financial crisis in 2008. Poland's economic and fiscal performance has generally been consistent with our expectations. However, amendments to debt rules and proposed changes to Poland's pension system, if adopted, will not improve the intertemporal solvency of the state. We are affirming the 'A-/A-2' foreign currency and 'A/A-1' local currency sovereign credit ratings on Poland and maintaining the stable outlook. On Aug. 16, 2013, 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 remains stable. The ratings on Poland are supported
