• Fitch affirms poland’s credit rating at ‘a-‘, outlook stable

    Source: FxWire Pro - Commentary / 18 Jul 2016 10:11:35   Eastern Standard Time

    Late on Friday, Fitch rating agency affirmed Poland's A- rating with a stable outlook. Fitch said reduced policy predictability under the Law and Justice (PiS) party government was offset by the country's robust economic fundamentals and improving external finances.

    Fitch appreciated that some of the most controversial measures on PiS's agenda raised during the electoral campaign - such as those about conversion of FX mortgages - have been avoided as well as the fact that central bank’s policy remains stable after the reshuffle of the Monetary Policy Council.

    “Strong GDP growth in recent years has supported an increase in GDP per capita, which remains low relative to rating peers,” Fitch said in a statement.

    Fitch’s decision seemed to have supported the zloty in trading on Monday which overshadowed a possible negative impact of (failed) military coup in Turkey. EUR/PLN was down 1.02 percent on the day while USD/PLN fell around 1percent to trade at 4.3793 and 3.9640 respectively at 10:45 GMT.