Sovereign Credit Today | An update on Poland
Poland's ratings downgraded to A3 with a stable outlook amid sustained fiscal weakening, rising government debt, and reduced fiscal policy effectiveness.
Discussion points:
- What is the rationale behind the downgrade to A3 and the change in outlook to stable?
- What role could the November 2027 parliamentary election and Poland's fiscal rules play in shaping the debt trajectory?
- What are the key upside and downside risks for Poland's credit profile at the A3 rating level?
Speakers
Kathrin Muehlbronner
Senior Vice President, Global MDB Lead, Sovereign Risk
Moody's Ratings
Heiko Peters
Vice President, Sovereign Risk
Moody's Ratings
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Kathrin joined Moody’s Ratings in April 2010 as a member of the Sovereign Risk Group. She is the lead analyst for a number of European sovereigns including Turkey and Israel as well as several MDBs such as the IFC, EBRD and AIIB among others. She is also Moody’s global coordinator for all of Moody’s MDB ratings.
Prior to joining Moody’s Kathrin was a Director with Merrill Lynch, working as Sovereign Ratings Advisor to governments and banks in emerging markets. Prior to that, she was Chief Economist for Deutsche Bank in Spain.
She holds a M.Sc. in Economics, Latin American Politics, Spanish and Portuguese languages from the University of Tuebingen as well as a post-graduate economics degree from the College of Europe, Bruges.
| Heiko Peters is a Vice President in the Moody’s Sovereign Risk Group, and is based in the Frankfurt office. He has Lead Analyst responsibilities for a number of European sovereigns and supra-nationals, producing ratings and research related to their creditworthiness. Heiko joined Moody’s from Deutsche Bank AG, where he was Senior Economist - Vice President in the European Economics Team of Deutsche Bank Research for more than five years. He published research on economic and political topics, including global trade, labour markets, demographics and migration, and covered in particular the economies of Germany and Austria. Prior to that he had worked from 2009 to 2011 as an Economist for the German Council of Economic Experts in Wiesbaden, reporting to the Chair of the Council. Moreover, his professional background includes stints at the Deutsche Bundesbank (Visiting Researcher), Germany’s Monopolies Commission and the German Institute for Economic Research (DIW), both as a Visiting Fellow. He holds a PhD, a Master’s level diploma and a BSc in Economics from the University of Muenster. |