* S&P Global affirms Poland at BBB+, outlook stable

* Says economy is resilient

* Says policy uncertainty hinders private investment

By Marcin Goettig

WARSAW, Oct 20 (Reuters) - Rating agency S&P Global affirmed Poland's rating at BBB+ with a stable outlook on Friday, as expected, saying the decision balanced the risks of the economy becoming overheated against the country's solid economic fundamentals.

The decision was in line with a Reuters poll of analysts, who saw on average a 74 percent chance of the move against an 18 percent chance of a change in the outlook to positive. S&P currently has the lowest rating on Poland of the three major agencies, with Moody's two notches higher at A2 and Fitch at A-, both with stable outlooks.

S&P said on Friday its decision reflected Poland's economic resilience, including a nearly balanced current account deficit, competitive wage levels, as well as high-quality human capital.

But it said Poland's $515 billion economy - the largest in the eastern wing of the European Union - was at risk of overstimulation from, among other things, negative inflation-adjusted interest rates and wage growth exceeding productivity growth.

Uncertainty surrounding recent tax and other reforms has contributed to "moribund" levels of private capital spending, it added.

S&P cut its rating on Poland by one notch to BBB+ with a negative outlook in January 2016, citing a weakening of key institutions.

In December 2016, S&P changed the outlook to stable, saying it was no longer worried that the government would try to undermine the independence of the central bank. ($1 = 3.5944 zlotys)

(Reporting by Marcin Goettig, Editing by Rosalba O'Brien)