S&P improves Poland's long-term credit rating, praises structural reforms

The Standard & Poor's (S&P) rating agency raised Poland's long-term credit rating, surprising some analysts. S&P improved the rating from BBB to BBB+, the same as Hungary and Estonia. The new rating means that the Polish government and Polish companies will be able to borrow abroad at lower interest. "If such a prestigious agency as S&P thinks that Poland is not a very risky country, this is comforting news for investors," said Citibank economist Katarzyna Zajdel. "At first one can be surprised by such a positive view of Poland considering the worsening current account deficit," said ING Barings economist Krzysztof Rybinski, "but when one reads [S&P's] evaluation carefully, it is clear that the agency is focusing on structural reforms of the state." Aside from structural reforms, S&P praised Poland for strict fiscal and monetary policy. (Gazeta Wyborcza, page 1, Rzeczpospolita, page B1) T.J.