Ratings Assigned to Samorzadowy Fundusz Poreczen Kredytowych
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Summary
Capital Intelligence Ratings (CI Ratings or CI) has assigned to Samorzadowy Fundusz Poreczen Kredytowych Sp. z o.o. (SFPK or the Fund) first time Long- and Short-Term Ratings on the Poland National Scale of ‘plA+’ and ‘plA1’, respectively, with a Stable Outlook.
SFPK’s rating reflects robust liquidity, with over 40% of its guarantee portfolio backed by cash and equivalents and a low net guarantee leverage ratio (NGLR) of 1.9x, indicating strong capitalisation. The Fund benefits from solid asset quality, evidenced by a very low non-performing asset (NPA) ratio of 2.1% and high reserve coverage. Operational performance remains strong, supported by disciplined cost management, stable revenue and equity growth, low guarantee payout ratios, and effective recovery rates. However, the rating is limited by factors such as reliance on public funding, significant exposure to large guarantees and the service sector, and a decreased share of re-guaranteed assets in the…