On Aug. 28, 2008, Standard&Poor's Ratings Services affirmed its foreign currency 'A-/A-2' and local currency 'A/A-1' long- and short-term sovereign credit ratings on the Republic of Poland. The outlook on the long-term foreign currency rating remains positive, while that on the local currency rating is stable. The ratings reflect Poland's competitive and increasingly diversified economy, which has sound growth prospects. Moderate government deficits and improved fiscal discipline also support the ratings. The ratings are constrained by high, but falling, general government debt levels; the large role that the public sector plays in the economy; and comparatively low per capita GDP. The government, comprising the center-right Civic Platform and the rural-based Polish Peasants' Party, is nearing its first anniversary
