Fitch: Convergence program's update supports Poland's rating.

By bne IntelliNews April 25, 2012
The fiscal tightening assumed in the current update of Poland's EU convergence program has been included in Fitch Rating's assessment of the country's debt and is supportive to its sovereign rating, according to Fitch Ratings' public finances department director Matteo Napolitano's statement sent to the Polish Press Agency. However, the agency expects the public debt and deficit ratios (vs. GDP) to fall at a slower pace than that envisaged by the Polish government. Under the convergence program, the general government deficit is to fall to 2.9% of GDP in 2012 and to 0.9% of GDP in 2015 vs. last year's 5.1% of GDP. Napoliano told daily Rzeczpospolita that Fitch sees the 2012 gap at around 3.3% of GDP, similarly to the forecast of the European Commission.

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