Ratings Assigned to Fundusz Rozwoju i Promocji Wojewodztwa Wielkopolskiego

Capital Intelligence Ratings (CI Ratings or CI) has assigned first-time Long- and Short-Term Ratings on the Poland National Scale to Fundusz Rozwoju i Promocji Wojewodztwa Wielkopolskiego S.A. (FRiPWW or the Fund) of ‘plBBB+’ and ‘plA2’, respectively, with a Stable Outlook.

FRiPWW’s credit profile reflects strong financial performance through improved profitability and equity-funded growth; however, rising risk exposures challenge its credit profile. The shift to performance bonding (where larger institution competition is limited) has bolstered fee income but intensified exposure to the cyclical construction and services sectors. Simultaneously, lower re-guarantee uptake has raised net retention, increasing direct credit risk. Capital and liquidity buffers are under pressure, with the net guarantee leverage ratio (NGLR) exceeding historical norms and the net liquid assets ratio (NLAR) also in decline. Asset quality metrics appear to be under pressure as rising claim…