Fundusz Rozwoju i Promocji Wojewodztwa Wielkopolskiego – Ratings Affirmed

25 November 2025

Capital Intelligence Ratings (CI Ratings or CI) has affirmed the Long- and Short-Term Ratings on the Poland National Scale of Fundusz Rozwoju i Promocji Wojewodztwa Wielkopolskiego SA (FRiPWW or the Fund) at ‘plBBB+’ and ‘plA2’, respectively. The Outlook for the ratings remains Stable.

FRiPWW’s credit profile is supported by its strong financial performance, which has enabled the accumulation of substantial reserves and materially strengthened the Fund’s capital base. However, these credit strengths are offset by several credit challenges. Rapid guarantee growth has outpaced equity growth, straining capital adequacy and causing the net guarantee leverage ratio (NGLR) to exceed historical levels. Simultaneously, reduced use of re-guarantees in recent years has increased net risk retention, elevating potential direct loss exposure. Liquidity buffers have also weakened, as indicated by a declining net liquid assets ratio (NLAR). Asset quality is…