Poznanski Fundusz Poreczen Kredytowych – Ratings Affirmed
Content is restricted
Summary
3 December 2025
Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long- and Short-Term Ratings of Poznanski Fundusz Poreczen Kredytowych Sp. z o.o. (PFPK or the Fund) on the Poland National Scale at ‘plBBB-’ and ‘plA3’, respectively. The Outlook for both ratings remains Stable.
PFPK’s credit profile is supported by an adequate liquidity position, with cash and highly liquid assets covering half of the guarantee portfolio, and satisfactory capital adequacy. However, these relative strengths are counterbalanced by an elevated risk profile, characterised by a growing volume of guarantees backed directly by the Fund’s own capital and significant concentrations in both single-name exposures and cyclical sectors. The structural shift towards performance bonds elevates credit risk relative to standard loan guarantees. This is due to their on-demand nature, which can obligate payment upon a simple claim. Revenue quality is compromised…