Fitch rates Poland bonds A-

Fitch Ratings said it assigned the Republic of Poland's CHF1 billion (12-year) and CHF500 million (five-year) bonds A- ratings. The bonds, issued under Poland's euro medium-term note program, in 2019 and 2012, respectively. The rating is in line with Poland's A- foreign-currency issuer default rating.

The outlook is stable.

Poland is experiencing a broad-based economic upturn, supported by strong investment rates and impressive trade performance, Fitch said. The cyclical upturn also has aided a narrowing of the budget deficit, the agency added.

Political risks to fiscal outcomes remain and the fiscal outlook is clouded by the government's recently announced plans to reduce social security taxes from July 2007, Fitch said.

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