Poland is hoping to win a credit rating upgrade after unveiling plans to repay €12.3bn ($16.3bn) of Paris Club debt by the end of this year in a move aimed at bringing the country in line with other European Union member states.

Poland, which is the only EU country with outstanding Paris Club debt, or debt dating back to the 1970s owed to a group of 16 richer countries, surprised the market yesterday by proposing to repay all €12bn of the debt up to five years early.