Fitch Agency.  Polish classification: "A-".  stable look

Fitch maintains Poland’s rating At the level of A-/F1 respectively for long- and short-term liabilities in foreign currency and A-/F1 for long- and short-term liabilities in local currency, respectively. According to the agency’s assessment, support for maintaining Poland’s rating is a well-diversified economy and, among other things, a relatively low level of public debt.

Fitch wrote that the A rating reflects the expectation that the Polish economy will remain resilient to external events and increasing macroeconomic challenges.

The agency expects that in In 2022, Poland’s GDP will increase by 5.5%. , which shows a high degree of resistance to the effects of the epidemic and the war in Ukraine. Fitch estimated that growth will slow slowly in the second half of 2022, when high inflation and weak external demand affect consumption, investment and exports.

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According to the agency, Poland appears to be less prone than other EU countries to energy supply problems, mainly due to significant investments in infrastructure in recent years.

Fitch stressed that the country was cut off from Russian gas supplies, which did not cause any noticeable negative effects. New interconnections and the Baltic Gas Pipeline will secure supplies in the coming years – The agency added.

– The latest Fitch rating confirms good growth prospects for the Polish economy and its high resistance to external shocks and growing macroeconomic challenges – she said Finance Minister Magdalena Rzekowska.

The minister added that Fitch was another leading agency that maintained Poland’s high rating. – said Rzeczkowska – a diversified economy, well-managed public debt and responsible fiscal policy allow us to deal with the difficult conditions resulting from the negative economic effects of the armed conflict in Ukraine and the difficult situation in the energy market.

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As pointed out by MF, Poland may be upgraded if the external finance continues to improveincluding a reduction in a country’s net external debt to GDP ratio to levels close to those of “A” countries or, in the case of fiscal consolidation, a sustained decline in the government debt to GDP ratio.

The ministry added that in addition to raising the rating, it may lead to sustainable economic growth towards the level of economic development of the “A” rated countries, supported by the macroeconomic policy. On the other hand, a rating downgrade is possible if the increase in public debt continues due to the loosening of fiscal policyor maturity of potential liabilities or slowdown in economic growth in the medium term – assessment of the Ministry of Finance.

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