S&P rates Poland bond A-

Standard & Poor's said it assigned its A- long-term senior unsecured debt rating to the upcoming inflation-linked treasury bond to be issued by the Republic of Poland (foreign currency BBB+/negative/A-2; local currency A-/negative/A-2) due in 2016.

Poland's Ministry of Finance has announced that it will offer Polish zloty 500 million at the tender of the new instrument on Wednesday.

"The rating on the bond reflects the A- long-term local currency sovereign credit rating on Poland. The sovereign ratings reflect a manageable external liquidity position. In addition, the ratings are supported by a competitive, resilient and increasingly diversified export sector, which is driving Poland's robust economic performance," said S&P credit analyst Beatriz Merino.

S&P said the ratings remain constrained, however, by the need to implement sufficient fiscal reforms to prevent a further deterioration of fiscal indicators.

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