Ratings Assigned to Swietokrzyski Fundusz Poreczeniowy

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

SFP’s rating is underpinned by strong capital adequacy, as demonstrated by a low net guarantee leverage ratio (NGLR) of 17% and solid liquidity position. The funding agreement (Umowa Dalszego Wykorzystania Srodkow (UDWS)) signed with the Swietokrzyskie Voivodeship Government (SVG), shifts the majority of the risk related to guarantee payouts to the SVG. The Fund also reduces risk by maintaining a diversified portfolio across various sectors. However, the Fund’s limited equity base restricts its ability to independently support guarantees, increasing reliance on external shareholder funding. Additionally, uncertainties surrounding the expiration of the UDWS agreement and the absence of alternative funding sources…