Ratings Assigned to Torunski Fundusz Poreczen Kredytowych

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has assigned to Torunski Fundusz Poreczen Kredytowych Sp. z.o.o (TFPK 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 ratings are supported by a sound liquidity position, with cash and cash equivalents covering 40% of its guarantee portfolio. The Fund consistently achieves low guarantee payouts and strong recovery rates. Over 90% of the Fund’s assets are held in interest-bearing bank deposits, with the recent rise in deposit interest rates contributing to an increase in interest income, which has helped preserve a stable capital base. However, an anticipated decline in interest rates would impact future income levels. The ratings are constrained by the relative size of the guarantee portfolio, which is three times the capital base, and the very low degree of credit risk mitigation, as 98% of the…