Swietokrzyski Fundusz Poreczeniowy Sp. z o.o. – Ratings Affirmed

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

SFP’s rating is supported by strong capital-to-guarantee ratio, as reflected in a low net guarantee leverage ratio (NGLR) of 14.2% and solid liquidity. Risk associated with guarantee payouts is largely transferred to the Swietokrzyskie Voivodeship Government (SVG) under the Umowa Dalszego Wykorzystania Srodkow (UDWS) Agreement, reducing SFP’s direct exposure. The Fund’s sector-diversified portfolio provides additional risk mitigation. However, a limited equity base constrains the Fund’s standalone guarantee capacity, heightening reliance on external shareholder funding. The pending expiration of the UDWS Agreement and absence of alternative funding sources pose funding…