• On 1 December 2023 rating agency S&P announced a decision about keeping Poland’s credit rating unchanged at the level of A-/A-2 for long and short term liabilities, respectively, in foreign currency, and A/A-1 for long and short term liabilities, respectively, in local currency.
• Rating’s outlook is stable.

 Agency expects the Polish economy to expand by 3.1% in 2024 following 0.6% growth in 2023, as

domestic consumption recovers and mitigates weaknesses in Poland's key trading partners. S&P anticipate that access to EU funds, underpinning investment growth in 2024 and beyond, is likely to be unlocked.

According to S&P even though fiscal deficits will probably remain wide at least through 2024-2025, Poland's net general government debt will remain below a moderate 50% of GDP in the medium term.

Rating prospects

According to the agency, Poland’s rating could be raised if, sustained institutional and governance improvements will be observed which also translated into a steady flow of EU funds and net foreign direct investment (FDI), supporting Poland's medium-term growth prospects.

On the other hand, downside rating pressure could result from much slower disinflation, weakening Poland's monetary policy credibility, its external competitiveness, and growth.