KBRA Affirms A/K1 Ratings for the Republic of Poland; Outlook Revised to Negative
28 Nov 2025 | 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 has been revised to Negative from 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 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 decades long growth performance is remarkable. As a critical NATO member, and a key part of European supply chains, Poland holds significant geopolitical importance. The Negative Outlook reflects the deterioration of Poland’s public finances since the outbreak of the war in Ukraine. High defence spending is expected to keep fiscal expenditure elevated over the medium term, while domestic political gridlock continues to weigh on consolidation efforts, even though government debt ratios remain favourable relative to EU peers. The Outlook also balances the strengths of Poland’s economy—including its proven resilience to shocks and unblocked access to large funds from the EU—against domestic political challenges that complicate legislative reforms needed to restore judicial independence. Poland remains vulnerable to risks stemming from global trade disruptions and geopolitical tensions.
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