Ratings Affirmed to Poznanski Fundusz Poreczen Kredytowych

19 June 2026

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 the ratings remains Stable.

PFPK’s credit profile is supported by adequate capitalisation and liquidity, with cash and equivalents covering over half of the guarantee portfolio. These strengths are counterbalanced by the Fund’s elevated risk profile, driven by a growing volume of own-capital-backed guarantees, rising single-name and cyclical-sector concentrations, and a binary provisioning model. A shift toward on-demand contract bonds weakens risk monitoring and provisioning capacity. This structural risk was partly offset by a sharp decline in guarantee payouts in the prior year; recoveries slightly exceeded claims paid, leaving the net incurred loss ratio near zero, further…