Moody’s downgraded Poland’s rating from A2 to A3. The rating change itself is not what concerns me most—what worries me far more is the trend behind it. Moody’s forecasts a public finance deficit of approximately 7% of GDP in both 2026 and 2027. Debt is expected to rise from 59.7% of GDP in 2025 to 68.9% by 2027. And this is happening amid still relatively strong economic growth. This is what should raise the greatest alarm: if debt is increasing so rapidly during a period of good economic conditions, what will happen to public finances when a more significant slowdown arrives? Adding to this are rising debt servicing costs, meaning an increasing share of future government revenues will be allocated not to new investments or services, but to repaying past obligations. A rating is merely the assessment of one agency. But the growing deficit, rising debt, and escalating servicing costs are not so easily ignored. https://t.co/uwrsGR1uSQ