The international rating agency Standard&Poor's Ratings Services has revised its outlook on Poland to stable from negative and affirmed the sovereign BBB+/A-2 foreign currency and ÒA-/A-2Ó local currency ratings on Poland, the agency said in a communique on Thursday. The agency said that the outlook revision reflects Poland's strengthened external position and a modest improvement in fiscal performance compared with earlier expectations. Robust export growth has contributed to a narrowing of the current account deficit, projected at less than 2% of GDP in 2004, which is likely to be largely financed by the recovery of net foreign direct investment inflows, S&P noted. It added that the partial lementation of savings measures as part of the government medium-term fiscal strategy, known as the Hausner program, is likely to bring the fiscal deficit slightly below the 2004 target.
Standard and Poor's upgrades outlook on Polands ratings to stable from negative