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Moody’s. There is a decision on Poland’s rating

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Moody’s did not update Poland’s credit rating on Friday, September 22, the agency said in a statement. This means that, according to Moody’s, Poland’s long-term rating in foreign currency is still at the “A2” level and its outlook is stable.

Among the three largest rating agencies, Poland’s creditworthiness is assessed highest by Moody’s – at the “A2” level. Poland’s rating according to Fitch and S&P is “A-“, one level lower than Moody’s. The outlook for all ratings is stable.

The next reviews of Poland’s rating by major agencies will take place on November 10 (Fitch) and December 1 (S&P).

Fitch lowers forecasts

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In mid-September, the Fitch rating agency lowered its growth forecast Poland’s GDP in 2023 to 0.4 percent from 0.7 percent, and by 2024 to 2.5 percent. from 2.8 percent

“We expect that the Polish economy will grow by 0.4% year-on-year this year, lower than 0.7% according to forecasts from June. Reconstruction of private consumption, after the decline inflationshould support a gradual rebound in activity at the end of 2023 and in 2024. Lending to companies is slowing down rapidly, which is caused by declines in investment and working capital loans,” the report wrote.

The agency’s economists expect consumer inflation (CPI) in Poland to drop to 8%. at the end of this year, 5.0 percent at the end of 2024 and 4.0 percent at the end of 2025

According to Fitch interest rates in Poland they may decline by another 50 basis points by the end of the year. up to 5.50 percent for the reference rate. Throughout 2024 and 2025, Fitch expects cuts of 50 basis points. annually, up to 5.0 percent and 4.50 percent at the end of the period.

Read also: Important information for Swiss franc borrowers. There is a decision on interest rates

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