Dolnoslaski Fundusz Gospodarczy Sp. z.o.o. Ratings Affirmed

5 December 2025

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long- and Short-Term Dolnoslaski Fundusz Gospodarczy Sp. z.o.o. (DFG or the Fund) on the Poland National Scale at ‘plA+’ and ‘plA1’, respectively. The Outlook for both ratings remains Stable.

DFG’s rating is supported by sound capitalisation and high liquidity. Capital and reserves comfortably exceed net guarantee exposures, providing a solid loss absorption base. Liquidity is sound, with cash covering a substantial share of outstanding guarantees, offering good capacity to meet potential calls. Challenges include a highly concentrated guarantee portfolio, which exposes the Fund to elevated single-name risk. However, re-guarantee arrangements materially reduce the Fund’s direct loss exposure, and counterparties’ capacity and willingness to honour commitments is assessed as sound. Earnings are currently sufficient but remain structurally dependent on net…