Standard & Poor’s upgrades Poland’s rating

Rating agency Standard & Poor’s upgraded their credit ranking of Poland from BBB+ to A- (long-term foreign currency rating) and A/A-1 (long- and short-term local currency rating) with stable outlook. The agency noted the country’s strong GDP growth and budgetary outcomes. The upgrade came earlier than expected and took many economy experts by (a pleasant) surprise. As the agency’s report’s authors remarked, “the upgrade reflects solid achievements in the form of economic growth and fiscal prudence.”


Polish Prime Minister Mateusz Morawiecki and his cabinet are pleased with the decision of the American financial services company. “It is a sign that we are going in good direction”, said the head of the government. The Minister of Finance Teresa Czerwińska said that S&P recognized the government’s efforts in the area of fiscal policy. She stressed that Poland is currently experiencing higher than expected economic growth and lower than expected budget deficit.


The decision is a step back from a downgrade of Poland’s rating to BBB+ that took place two and a half years ago. At that time, experts from S&P were concerned about the policy of the new Polish government and frictions between Poland and the EU. Today, they see the effects of strict fiscal policy the aim of which was to restrict tax evasion and increase budget revenue from VAT and other taxes. Experts also note that heavy social spending initiated by the parliament did not destabilise the budget.


In April 2018, the agency changed the country’s rating’s outlook from stable to positive. This was a sign that S&P may reconsider its evaluation and put Poland’s rating back in the top category. In the recent few months, the country’s GDP growth kept growing and unemployment stayed on record-low levels. Moreover, the government prepared a pension scheme reform to counteract negative demographic trends.


Other big global rating agencies, Fitch and Moody’s, kept Poland’s rating at the same level.



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Filip Roger Zalewski
Poland Zalewski Consulting
Cafelco Consulting Poland Sp. z o.o.
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Dorota Ostafińska
Poland Zalewski Consulting
Cafelco Consulting Poland Sp. z o.o.
ul. Torfowa 2
30-384 Cracow
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