KBRA Affirms A/K1 Ratings for the Republic of Poland; Negative Outlook
29 May 2026 | 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 Negative.
| 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 credit ratings for Poland reflect the country's economic resilience that is underpinned by its large and diversified economy, strong macroeconomic fundamentals, credible monetary policy, and deep integration with the European Union (EU). Poland’s growth performance has been remarkable, underpinned by solid domestic demand and a very tight labour market, with unemployment near historical lows and strong wage growth. The country is a major beneficiary of funding from EU, which should provide an impetus to long-term economic growth and support the country’s significant investment needs. In addition, as a critical NATO member, and a key part of European supply chains, Poland holds significant geopolitical importance. Nevertheless, the Negative Outlook captures the deterioration of Poland’s public finances since the start of the war in Ukraine, with the general government deficit is among the highest in EU and high defence spending expected to keep fiscal expenditure elevated over the medium term. Domestic political polarisation could also weigh on both reforms and consolidation efforts, although government debt ratios compare favourably to EU peers. Risks stemming from global trade disruptions and geopolitical tensions could pose further challenges to Poland’s credit profile and affect its credit trajectory.
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