Fitch rates Poland bond A-

Fitch Ratings said it assigned an A- rating to the Republic of Poland's €2 billion eurobond due June 20, 2028. The rating is in line with Poland's A- long-term foreign-currency issuer default rating.

The outlook is stable.

The agency said Poland's creditworthiness is supported by the country's strong underlying institutional and democratic framework, diverse and strongly performing economy and improved budget performance. Real GDP growth has averaged over 5% per year since 2003, and strong GDP and employment growth have contributed to an improvement in public finances.

The pace of economic growth has led to some early signs of macroeconomic imbalances and brought some of Poland's structural constraints to the fore, Fitch added, particularly those related to the labor market. Annual average inflation stood at 4.4% in May, compared with the National Bank of Poland's inflation target of 2.5%.

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