KBRA Affirms A/K1 Ratings for the Republic of Poland; Outlook Stable
1 Dec 2023 | 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
|With Access to Internal Documents
|With Access to Management
KBRA’s affirmation of the ratings reflects Poland’s sizable and diversified economy, strong macroeconomic fundamentals, credible monetary policy framework, and European Union (EU) integration that underpin its economic resiliency. Poland’s economy rebounded strongly post-pandemic and exhibited relative resilience again this year, despite tighter credit conditions, higher cost of living and geopolitical uncertainty. The Stable Outlook balances the strengths of Poland’s economy, its proven resilience to shock, and the expected large flow of funds from the EU against geopolitical and macroeconomic risks stemming from the war in Ukraine. The Outlook also considers relative energy security as well as inflationary pressures and monetary policy that weigh on economic growth and public finances, alongside the macro and fiscal impacts of refugee absorption. KBRA expects that the tensions with the European Commission will ease significantly following the parliamentary elections and lead to the unfreezing of EU funds.
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