However, Moody’s did cut its outlook on the Poland’s economy to negative.

“You can see markets rebounding, but I wouldn’t expect a new bullish phase,” Arkadiusz Bogusz, who manages a cross-asset fund at Opti TFI SA, told Bloomberg. “The rating decision is one thing, while further steps from the government and further rating assessments are another.”

Related: 35 A+ Currency ETFs to Track Global Forex Moves

The relatively new government administration has imposed new taxes on banks, rolled out a program of child benefits and pledged to raise tax-free income, which may all increase Poland’s budget defici beyond Eurozone limits. Piotr Kalisz, the chief economist at Citigroup’s Polish unit, also pointed out that investors are still seeking clarity on government policy risks.

For more information on the emerging market, visit our Poland category.

iShares MSCI Poland Capped ETF