S&P has not changed Poland's rating

In the absence of updated analyses, the key rating factors from the previous review, from November 2024, remain in force. It stated that an upgrade of Poland's rating could be possible in the event of improvements in institutional and governance areas that would support the maintenance of a stable inflow of foreign direct investment and EU funds. This would support medium-term economic growth prospects.

The rating could be downgraded if debt rises above forecasts, signaling a lasting deterioration in fiscal policy management. Our current rating would also be at risk if economic growth prospects deteriorate significantly, including as a result of unexpected consequences of the war between Russia and Ukraine, as well as further external shocks.