KBRA Affirms A/K1 Ratings for the Republic of Poland; Outlook Stable
29 Nov 2024 | Dublin
KBRA Europe (KBRA) affirms the Republic of Poland’s long-term issuer ratings of A. KBRA also affirms the short-term issuer ratings of K1. The Outlook on the long-term ratings is Stable.
| This credit rating is an unsolicited credit rating. | |
|---|---|
| With Rated Entity or Related Third-Party Participation | Yes |
| With Access to Internal Documents | Yes |
| With Access to Management | Yes |
KBRA’s affirmation of the ratings reflects Poland’s large and diversified economy, strong macroeconomic fundamentals, credible monetary policy, and European Union (EU) integration that underpin its economic resiliency. Poland’s decades long growth performance is remarkable. As a critical NATO member, and a key part of European supply chains, Poland is highly geopolitically strategic. The Stable Outlook balances the strengths of Poland’s economy, with its proven resilience to shock and unblocked access to large funds from the EU, against geopolitical risks and wide fiscal deficits stemming from the war in Ukraine. Defence spending and electoral commitments will continue to keep fiscal expenditure high over the medium-term, although government debt ratios compare favourably with EU peers. The Outlook also considers domestic political challenges that complicate legislative changes needed to restore judicial independence, as well as Poland’s elevated yield environment.
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