Poland enjoys very solid credit rating foundations - Fitch
April 8, 2014
Poland enjoys very solid credit rating foundations and is unlikely to see rating adjustment in either direction any time soon, Fitch Polska CEO Piotr Kowalski told PAP Polish news agency.
"In our view, Poland's rating foundations are very solid, which is reflected in its stable outlook," Kowalski said. "The outlook shows that a potential rating change is not very likely - either downwards - which is a positive - or upwards."
There are two factors working to Poland's disadvantage against the backdrop of the country's peer comparison group, Kowalski said pointing to below-average prosperity of the society (measured as GDP per capita) and, more importantly, external debt.
A potential risk factor for Poland is also the Ukraine-Russia crisis, in Kowalski's view.
On the positive side, Poland's economic growth is increasingly driven by three engines - private consumption and industrial production on top of net exports, Fitch Polska head said.
Fitch last affirmed Poland's long-term foreign currency Issuer Default Rating (IDR) at 'A-' and local currency IDR at 'A' with stable outlooks in a statement out on February 14.