Poland must narrow deficit to protect credit rating: Fitch
Fitch
Poland must narrow deficit to protect credit rating: Fitch
 Poland  the only EU nation to post economic growth last year  must narrow the gap between public spending and revenues in order to protect its creditworthiness  ratings agency Fitch said Thursday.
ratings agency Fitch said Thursday.
 Fitch noted that Poland's public deficit stood at 7.2 percent of gross domestic product in 2009 and was forecast to hit 7.9 percent this year despite a pick-up in growth and even though the country had avoided recession or the need to support its banking system.
 "Tolerance for further material slippage from official deficit targets is limited at the current rating level " Fitch expert David Heslam said in a statement.
 Fitch currently gives Poland a long-term foreign currency rating of A-  with a stable outlook.
 Fitch said that the slowdown had "revealed underlying weakness in Poland's public finances.
 "Credible  permanent measures are needed to place the deficit on a sustainable downward path and limit further growth of government debt ratios " it said.
 "The 2011 deficit target of 6.5 percent looks achievable and is built on realistic macroeconomic assumptions " Fitch said.
 Fitch said that deficit-cutting plans could be affected by politics  with a general election due in the autumn of 2011.
Poland must narrow deficit to protect credit rating: [TGT]
 Poland  the only EU nation to post economic growth last year  must narrow the gap between public spending and revenues in order to protect [TGT] creditworthiness  ratings agency [TGT] said Thursday.
[TGT] said Thursday.
 [TGT] noted that Poland's public deficit stood at 7.2 percent of gross domestic product in 2009 and was forecast to hit 7.9 percent this year despite a pick-up in growth and even though the country had avoided recession or the need to support its banking system.
 "Tolerance for further material slippage from official deficit targets is limited at the current rating level " [TGT] expert David Heslam said in a statement.
 [TGT] currently gives Poland a long-term foreign currency rating of A-  with a stable outlook.
 [TGT] said that the slowdown had "revealed underlying weakness in Poland's public finances.
 "Credible  permanent measures are needed to place the deficit on a sustainable downward path and limit further growth of government debt ratios " it said.
 "The 2011 deficit target of 6.5 percent looks achievable and is built on realistic macroeconomic assumptions " [TGT] said.
 [TGT] said that deficit-cutting plans could be affected by politics  with a general election due in the autumn of 2011.