Torunski Fundusz Poreczen Kredytowych – Ratings Affirmed

3 July 2026

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long- and Short-Term Ratings of Torunski 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 reflect its solid foundation of stable public-sector ownership and an equity-dominated funding structure, which support a highly conservative cash management strategy and help maintain adequate liquidity buffers. The Fund’s historically low guarantee payouts and strong recoveries primarily reflect disciplined underwriting and effective credit risk management within an adequate governance framework. However, the rating is constrained by structurally weak earnings and limited funding flexibility, which – combined with the expiration of legacy re-guarantee programmes – have resulted in elevated leverage and a near-total absence of external…