Poland and the Czech Republic appear much more secure than many of their CEE peers, notwithstanding less resilient growth in the former and continuing recession and increased political instability in the latter, according to a report by Fitch Ratings.
Fiscal funding needs are well covered in both, while Poland enjoys the additional comfort of an IMF Flexible Credit Line.
Fitch said that protracted recession in the Eurozone, coupled with a reversal in global risk appetite for emerging market assets in Q2 of 2013 following US Fed's comments on an exit from quantitative easing, have taken the edge off of economic recovery in Emerging Europe, including Russia and Turkey.
In February 2013, Fitch revised the outlook on Poland's Long-Term foreign and local currency Issuer Default Ratings (IDRs) to positive from stable and affirmed the IDRs at 'A-' and 'A', respectively.
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