Fitch rates Poland bond

Fitch Ratings said it assigned the Republic of Poland's upcoming five-year ¥50 billion Samurai bond a BBB+ rating.

The rating is in line with Poland's long-term foreign currency rating, on which the outlook is stable.

Fitch said it changed the outlook on Poland's long-term foreign currency rating to stable from positive on May 6 to reflect heightened political uncertainty, which has worsened the balance of risks for public finances and is likely to delay the timetable for the adoption of the euro. At the same time, the agency downgraded the long-term local currency rating to A from A+.

"Fiscal consolidation is vital to check the rise in the ratio of public debt to GDP, improve the balance of the economy, prevent the breaching of Poland's public finance laws and allow the eventual adoption of the euro," said Edward Parker, a director in the Sovereign Group at Fitch.

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