Ratings Assigned to Poznanski Fundusz Poreczen Kredytowych

Capital Intelligence Ratings (CI Ratings or CI) has assigned to Poznanski Fundusz Poreczen Kredytowych Sp. z o.o. (PFPK or the Fund) first-time Long- and Short-Term Ratings on the Poland National Scale of ‘plBBB-’ and ‘plA3’, respectively, with a Stable Outlook.

PFPK’s ratings are underpinned by adequate liquidity and sufficient guarantee coverage, with capital covering more than half of the net guarantee portfolio. Low guarantee payouts and improved revenue generation have strengthened the Fund’s capital position. The ratings are constrained by the increased  value of guarantees backed directly by the Fund’s capital and the resultant elevated risk exposure. Concentration risk also remains high, particularly among the top 20 guarantees and within the cyclically sensitive construction and trade sectors. The Fund’s shift towards providing guarantees for non-financial institutions has increased information risk given these businesses’ limited financial…