Moody's affirms Poland's A2 rating and stable outlook.

By bne IntelliNews December 10, 2012
Moody's Investors Service has affirmed Poland's A2 government bond rating. The outlook remains stable, according to the agency's press release. The main driver underlying Moody's decision is the government's significant progress on fiscal consolidation and its continued commitment to ensuring the sustainability of its public finances, despite a deteriorating macroeconomic environment. The general government deficit narrowed to 5.0% of GDP in 2011 from 7.9% in 2010, exceeding the government's target of a 5.6% deficit in 2011. However, Moody's expects this fiscal adjustment to slow down and a deterioration in the outlook for the Polish economy, with real output likely to grow by 2.2% in 2012 and growth likely to decelerate to 1.8% in 2013. The second driver underpinning the affirmation of Poland's government bond rating is Moody's assessment that the government's balance sheet is improving.

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