Fundusz Rozwoju i Promocji Wojewodztwa Wielkopolskiego – Ratings Affirmed

03 July 2026

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 sound financial performance, underpinning a steady capital buffer and risk reserve accumulation through full profit retention. Nevertheless, these strengths are insufficient to offset rising guarantee leverage and elevated risk exposure generated by rapid portfolio expansion. Guarantee growth has fundamentally exceeded internal capital generation, resulting in a record-high net guarantee leverage ratio (NGLR), while a declining share of re-guarantees has increased the net retention ratio (NRR), leaving the Fund with greater direct credit risk exposure. While absolute liquidity remains adequate, the net liquid assets ratio (NLAR) has…