“Markets look at facts, not emotions.” There is a decision regarding Poland’s rating
On Friday, S&P maintained Poland’s long-term rating in foreign currency at the “A-” level. Markets look at facts, not emotions, comments Andrzej Domański, Minister of Finance and Economy.
– On November 7, 2025, the S&P rating agency announced the decision to maintain Poland’s rating at the level of A-/A-2 for long- and short-term liabilities in foreign currency, respectively, and A/A-1, respectively, for long- and short-term liabilities in domestic currency. The rating outlook remained stable – informs the Ministry of Finance.
Poland’s rating. What to do to make it higher?
The S&P agency expects the Polish economy to grow by 3.3%. in 2025 and 3.2 percent in 2026. In turn, the net debt of the general government sector will increase to 67%. GDP by 2028, from 48 percent in 2024. The agency indicates that the increase in debt, in addition to the high deficit amounting on average to over 6 percent. in 2025-2028, significant adjustments in stocks and flows related to purchases of military equipment and borrowing from EU funds contribute.
According to the agency, the political deadlock in Poland continues after this year’s presidential elections. The president has significant powers in Poland’s presidential-parliamentary system, including veto power over government bills, which S&P says will complicate fiscal consolidation efforts.
According to the agency, the rating could be raised if the budget deficit dropped to much lower levels, which would reduce the debt level. Also, the ongoing process of strengthening the institutional framework and governance, ensuring fiscal prudence and maintaining the flow of EU funds and net foreign direct investment could have a positive impact on the rating.
“Markets look at facts, not emotions.” Domański comments
On the other hand, the rating could be downgraded if medium-term growth prospects deteriorate significantly, also in combination with growing macroeconomic imbalances or renewed external shocks, including unexpected side effects of the Russia-Ukraine war. Also, if the war worsened, it would put a greater burden on Poland’s public finances, economic growth and constitute an additional threat to security.
– The S&P agency maintained Poland’s rating at a high level of A- and maintained its stable outlook, appreciating the strong foundations of our economy. “Markets look at facts, not emotions.” – this is how the Minister of Finance and Economy Andrzej Domański commented on the agency’s decision.
