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The Warsaw Voice » Business » June 11, 2018
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Fitch rates Poland
June 11, 2018   
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Poland had its Long-Term Foreign- and Local-Currency Issuer Default Ratings affirmed at 'A-' with outlook stable and enjoyed an upward GDP growth forecast revision, to 4.4% in 2019 and 3.4% in 2019, rating agency Fitch said in a statement.
"Poland's 'A-' ratings reflect its strong macro fundamentals, supported by a sound monetary framework and solid banking sector," Fitch said. "The ratings are constrained by weak GDP per capita relative to the peer median and high albeit declining net external debt."
Strong macro fundamentals pushed Fitch to hike its forecasts for GDP growth in 2018 to 4.4% from 3.9% previously expected and for 2019 to 3.4% from 3.2%.
"Real GDP growth is stronger and more stable than peers and reached a six-year high of 4.6% in 2017, supported by strong consumption stemming from a strengthening labour market and higher social payments, and rising EU-funded investment," Fitch wrote. "Fitch assumes that growth reached a cyclical peak of 5.2% year on year in 1Q18 and that it will slow to 4.4% in 2018 and 3.4% in 2019."
"Investment will be strong in 2018, reflecting stepped up usage of EU funds, but the import intensity of this spending will put pressure on net exports, as will the slowdown in major trading partners in the EU in 2019 that Fitch is forecasting," the agency believes.
Fitch last confirmed the rating in December 2017, extending the life of the A- into its eleventh year and saying the outlook remained stable.
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