Fitch rates Poland bond issue A

Fitch Ratings said it assigned the Republic of Poland's 12-year inflation-linked zloty Treasury bond issue an A rating in line with Poland's long-term local currency rating, on which the outlook is stable.

Poland's ratings are likely to be driven primarily by fiscal developments over the next couple of years, Fitch said.

Fitch said it expects Poland to tighten fiscal policy over the medium term, but that progress will be slow. Fitch does not expect significant headway before the 2005 parliamentary election. Painful social welfare and public administration reforms will be required to reduce the structural deficit.

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