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Summary

Capital Intelligence Ratings (CI Ratings or CI) has assigned to Dolnoslaski Fundusz Gospodarczy Sp. z.o.o. (DFG or the Fund) first time Long- and Short-Term Ratings on the Poland National Scale of ‘plA+’ and ‘plA1’, respectively, with a Stable Outlook.

DFG’s rating is underpinned by strong capital adequacy, with capital and reserves 2.7 times higher than direct guarantees, resulting in a low net guarantee leverage ratio (NGLR) of 37%. Liquidity is solid, supported by cash holdings equal to 88% of the guarantee portfolio. The Fund effectively manages credit risk through its Regional Guarantee Programme (REPO) re-guarantee framework and a conservative capital structure. However, concentration risk is notable, as the top 20 guarantees represent over two-thirds of the portfolio, partially offset by 70% of re-guarantees. Non-performing assets (NPAs) remain elevated despite recent reductions, and significant data gaps in guarantee reporting hinder precise risk assessment….