On April 24, 2006, Standard&Poor's Ratings Services revised its outlook on the Republic of Poland to stable from positive. At the same time, the 'BBB+' long-term foreign currency, 'A-' long-term local currency, and 'A-2' short-term sovereign credit ratings on Poland were affirmed. The outlook revision reflects ongoing political uncertainty, unclear prospects for structural reform and fiscal consolidation, and a deteriorating perspective for Eurozone accession. Fiscal deficits are forecast to remain high and debt levels to continue rising. Poland has the largest economy of the new EU members. Accession to the EU has been a key driver of robust export growth in recent years, testament to the sustained competitiveness of the Polish economy, despite strong zloty appreciation in the
