Ratings Assigned to Pomorski Regionalny Fundusz Poreczen Kredytowych

Capital Intelligence Ratings (CI Ratings or CI) has assigned to Pomorski Regionalny Fundusz Poreczen Kredytowych Sp. z o.o. (PRFPK or the Fund) first-time Long- and Short-Term Ratings on the Poland National Scale of ‘plA-’ and ‘plA2’, respectively, with a Stable Outlook.

PRFPK’s ratings are underpinned by adequate liquidity, with over 50% of the guarantee portfolio backed by cash and equivalents, and a low net guarantee leverage ratio (NGLR) of 2.0x, indicating that the Fund’s equity and reserves support roughly half of its guarantees. The Fund benefits from good revenue streams, sound asset quality with a low 5.2% non-performing asset (NPA) ratio, high reserve coverage, and robust operational performance − as evidenced by a low guarantee payout ratio and strong recovery rates. However, the rating is constrained by a rapid increase in the value and share of guarantees secured by the Fund’s capital , elevated single-exposure risks due to concentration among the…