The Polish economy is expected to contract slightly this year, but shows more resilience to the international economic and financial crisis than regional peers. Public finances are forecast to deteriorate considerably, but we expect debt containment rules to limit the increase in government debt. We are affirming the ratings on Poland, and the outlook is stable. On Aug. 4, 2009, 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 affirmation reflects Poland's relative resilience to the international economic and financial crisis. While we expect weak external demand, reduced availability of external funding, and a slowdown
