Fitch confirms Poland's rating at A- with stable outlook

The Fitch agency confirmed on Friday evening the long-term rating of Poland in foreign currency at A- with a stable outlook – the agency said in a statement. Fitch forecasts that the deficit of the general government sector in Poland in 2021 will amount to 5.7 percent of GDP, and in 2022 to 3.7 percent.

"Rating at the A- level balances a diversified economy that has been developing at a record-long steady pace in recent years, a solid monetary policy framework and macroeconomic compared to the A-rating basket countries with a lower level of GDP per capita and high, albeit declining, debt external net," the release reads.

"The stable outlook for the rating reflects Poland's resilience to a pandemic shock and the agency's expectations that GDP growth will rebound and the budget deficit will decline this year, with a significant increase in government debt in 2020 and persistent negative risk factors related to the development of the pandemic," Fitch added.

Fitch forecasts that the deficit of the general government sector in Poland will amount to 5.7 percent of GDP in 2021. (January forecasts of the agency: 4.9 percent of deficit) and 3.7 percent in 2022. (3.1 percent of deficit previously).

(PAP)