Fitch lifts Poland to positive

Fitch Ratings said it revised the outlook on Poland's long-term foreign- and local-currency issuer default ratings to positive from stable and affirmed the issuer default ratings at A- and A, respectively.

Fitch also said it affirmed Poland's country ceiling at AA- and short-term foreign-currency issuer default rating at F2.

The outlook revision reflects Poland's general government deficit, which has narrowed by about 4.5 percentage points of GDP since 2010 to an estimated 3.4% of GDP in 2012, placing it among the European Union's best performers, Fitch said.

Public debt has stabilized and is forecast to moderate to 54.5% of GDP in 2014 from a peak of 56.4% of GDP in 2011, closing the gap with the A median, the agency said.

Reforms to the pension system adopted in 2012 will improve the medium-term sustainability of public finances, Fitch added.

Reforms to the business environment - evident in an improvement in the World Bank's indicator - are ongoing and could lead to an increase in potential growth in the long term, Fitch said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.