JCR Upgraded Ratings on Poland to A/A+ from A-/A (FC/LC).

By bne IntelliNews March 4, 2013
Japan Credit Rating Agency, Ltd. (JCR) has upgraded Poland's Foreign Currency Long-Term Issuer Rating to "A" from "A-" and its Local Currency Long-Term Issuer Rating to "A+" from "A," according to the agency's press release. The ratings' outlook is stable. The upgrading primarily reflects the continued improvement in fiscal deficit, which was one of constraints for the ratings, on the effective consolidation measures taken by the government with maintaining commitment to the debt containment, the agency said. According to JCR, the Polish economy may stay weak (after its growth slowed down to 2% in 2012) for a while, but is likely to grow 1-2% in 2013 and 2014 as exports will pick up on recovery of the EU economy and domestic demand will rise on the effect of the economic stimulus and lower interest rates. Commenting on the move, vice-minister of finance Wojciech Kowalczyk said that this is the first case of Poland's rating upgrade in six years (though in February, Fitch upgraded Poland's rating outlook to positive).

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