Fitch: Upturn for Poland's economy

Fitch Ratings said in a recent sovereign report that an economic upturn is supporting the ongoing convergence of Poland's income levels with wealthier European Union countries.

It also has helped reduce external financing risks and improve the government's budgetary position, despite ongoing political risks, Fitch said. These ongoing trends were reflected in Fitch's January 2007 upgrade of Poland's long-term foreign-currency issuer default rating to A- from BBB+.

Poland's economy is experiencing an upturn following a number of years in which it lagged its regional peers, the agency said. The economic upturn has aided a narrowing of the budget deficit, a traditional weakness for Poland's sovereign ratings, Fitch added.

While political risk to sovereign creditworthiness has lessened, Fitch said it cannot be discounted.

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