Malopolski Regionalny Fundusz Poreczeniowy – Ratings Affirmed

21 November 2025

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long- and Short-Term Ratings of Malopolski Regionalny Fundusz Poreczeniowy Sp. Z.o.o. (MRFP or the Fund) on the Poland National Scale at ‘plBBB-’ and ‘plA3’, respectively. The Outlook for the ratings remains Stable.

MRFP’s ratings are supported by adequate liquidity, with cash and equivalents representing 45% of the guarantee portfolio, and by a declining net guarantee leverage ratio (NGLR) of 1.84x, indicating capital coverage exceeding 50% of guarantees net of re-guarantees. The NGLR declined despite capital erosion from elevated guarantee payouts and operating losses, driven by an increased share of re-guarantees in the portfolio. The risk of further capital erosion remains elevated, as profitability depends on interest income – which is sensitive to projected rate cuts – and on declining reserve levels due to payouts on the legacy non-performing guarantee…