Torunski Fundusz Poreczen Kredytowych – Ratings Affirmed

9 December 2025

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long- and Short-Term Ratings of Fundusz Poreczen Kredytowych Sp. z.o.o (TFPK or the Fund) on the Poland National Scale at ‘plBBB-’ and ‘plA3’, respectively. The Outlook for the ratings remains Stable.

TFPK’s ratings are supported by satisfactory liquidity, with cash and liquid instruments at roughly 30% of the investment book and liquid assets exceeding 90% of total assets. This strength is partially offset by elevated leverage and material portfolio concentrations. The guarantee portfolio exceeds four times the capital base and continues to expand without credit risk transfer. Consequently, concentration risk remains elevated, as the top 20 single-name exposures represent ca. 70% of equity. Non-performing guarantees (NPGs) have also risen, which raises some asset quality concerns. An offsetting credit positive is the low claims payout rates and strong…