On March 4, 2003, Standard&Poor's Ratings Services affirmed all its ratings on the Republic of Poland, including its 'BBB+' long-term foreign currency ratings. The outlook is stable. The affirmation reflects Standard&Poor's expectation that, despite political uncertainty following the break-up of the governing coalition, Poland's fiscal performance will remain on track to meet this year's central government deficit target of Polish zloty (PLZ) 39 billion and to gradually reduce fiscal deficits going forward. The affirmation also reflects Standard&Poor's expectation that Poland will become an EU member by mid-2004. The ratings on Poland are supported by: The government's commitment to and implementation of structural reforms, underpinned by Poland's prospects for EU membership, expected by mid-2004. Privatization
