Capital Intelligence Ratings (CI Ratings or CI) has assigned to Malopolski Regionalny Fundusz Poreczeniowy Sp. z.o.o. (MRFP or the Fund) first time Long- and Short-Term Ratings on the Poland National Scale of ‘plBBB-’ and ‘plA3’, respectively, with a Stable Outlook.
The rating is supported by the Fund’s adequate liquidity relative to its issued guarantees and the demonstrated funding support from local governments through regional initiatives, including the recent ‘Re-guarantee Line’ facility. Net guarantee leverage remains within levels consistent with the current rating. However, the rating is constrained by the Fund’s increasing reliance on reserve releases to sustain operations, driven by elevated payout levels associated with a significant proportion of non-performing guarantees. This trend indicates the potential for sustained high future payouts. Additionally, the rapidly declining reserves raise concerns about the Fund’s capacity to absorb financial…