Growth prospects for the Polish economy are projected to remain sound, supported by relatively low levels of household debt and prospects for further productivity gains relative to Poland's major trading partners. However, reducing fiscal deficits could depress growth over the medium term, particularly if recent improvements in external performance are not sustained. We are affirming the ratings on Poland, and the outlook is stable. On July 16, 2010, 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 transfer&convertibility assessment for Poland is 'A+'. The ratings are supported by our opinion of Poland's competitive and
