WARSAW (Reuters) - Fitch Ratings has affirmed Poland’s long-term foreign-currency issuer default rating (IDR) at ’A-’ with a stable outlook, the agency said late on Friday.

The agency forecasts average inflation of 4.5% in 2025, and 3.7% in 2026, it said.

Given the inflation outlook Fitch expects two 25 basis points interest rate cuts in the second half of 2025 and four 25 basis points cuts in 2026.