Swietokrzyski Fundusz Poreczeniowy Ratings Affirmed – Outlook Revised to Negative

26 August 2026

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long- and Short-Term Ratings Swietokrzyski Fundusz Poreczeniowy Sp. z o.o. (SFP or the Fund) on the Poland National Scale at ‘plA-’ and ‘plA2’, respectively. The Outlook for the LT NR changed from Stable to Negative.

SFP’s Negative outlook reflects a weakened risk profile and strained capital adequacy, following the owner’s 2025 reduction of the loss-absorption cap under the UDWS agreement, which led to exceeding the threshold and exhausting the re-guarantee buffer. SFP must now absorb credit provisions directly through its P&L, eroding retained earnings and equity. Capitalisation faces further pressure from the July 2026 National Development Bank (BGK – Bank Gospodarstwa Krajowego) share redemption, which will shrink SFP’s equity base and could push the guarantee leverage ratio (GLR) towards 8.0x. Longer-term business model risk is elevated by the planned…