KBRA Affirms A/K1 Ratings for the Republic of Poland; Outlook Stable
31 May 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 framework, and European Union (EU) integration that underpin its economic resiliency. Poland’s decades long growth performance is remarkable. The Stable Outlook balances the strengths of Poland’s economy with proven resilience to shock and unblocked access to large funds from the EU against geopolitical and macroeconomic risks stemming from the war in Ukraine. Defence spending and electoral commitments will keep Poland’s fiscal policy expansionary, although government debt ratios compare favourably with the EU peers. The Outlook also considers relative energy security as well as inflationary pressures and tight monetary policy that weigh on economic growth and public finances. KBRA acknowledges that conflict in the Red Sea adds to the risks, however Poland is not overly exposed.
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