WSE, the Polish Development Fund and BIK, with the participation of IAiR, signed a co-operation agreement for a joint rating agency

WSE, the Polish Development Fund and BIK, with the participation of IAiR, signed a co-operation agreement for a joint rating agency


On November 28, 2017, the Warsaw Stock Exchange, the Polish Development Fund and BIK signed a cooperation agreement for a joint rating agency based on Instytut Analiz i Ratingu. The objective of the agreement is to bridge a gap in the rating offer, targeting mainly the SME sector. The development of the Agency is a part of the Plan for Responsible Development. The Agency will launch operations in the second half of 2018.

The Warsaw Stock Exchange, the Polish Development  Fund and Biuro Informacji Kredytowej with the participation of Instytut Analiz i Ratingu have signed today a co-operation agreement to develop a joint rating agency, an institution which compiles and provides credit risk ratings of entities, including mainly issuers of bonds. The main objective of the agreement is to build a rating culture in Poland by providing market participants with access to local ratings, economic research and risk profiles of SMEs. The Agency will work to bolster the role of the debt  market in financing the economy and help improve the quality of the Polish capital market by facilitating the risk valuation for investors on the exchange. This is yet  another initiative supporting the development of Poland’s capital market. The development of a rating agency is a part of the Plan for Responsible Development.

The establishment of an independent rating agency is intended to improve the credibility, transparency and safety of business transactions in the economy, mainly by facilitating risk assessment for financial and non-financial entities.

- Instytut Analiz i Ratingu has been a part of GPW’s organization but it has not yet launched its operations. Therefore, the Polish capital market was missing a strong, recognizable, local rating agency. I am glad that the Warsaw Stock Exchange, the Polish Development Fund and BIK with the participation of IAiR are taking steps to build a rating culture in Poland and eliminate information asymmetries. As we develop a joint agency to offer rating services to a broad group of entities, especially in the SME segment, we bridge a major gap in the local market infrastructure. After all, with all its dynamic development, the Polish debt market has a huge unused potential. The Agency will help to tap it by supporting the credibility of issuers among investors, it will help to grow liquidity on the bond market and make it more efficient - said Marek Dietl, President of the Management Board of the Warsaw Stock Exchange.

- Currently, there is no strong rating agency in the local market providing rating services in the SME segment. The establishment of a Polish rating agency will improve market transparency and safety for investors and should facilitate smaller issuers to access capital. The development of the corporate bond market, including covered bonds, is crucial to the entire economy. It helps improve the funding base of the enterprise sector - said Paweł Borys, President of the Polish Development Fund.

The creation of a rating agency will open access to unique economic research and risk ratings in the segment of small and mid-sized enterprises based on Poland’s largest database belonging to the BIK Group. It is also an opportunity to have a positive impact on the safety of bonds trading in Poland.

- The project to establish the Agency is well aligned with the BIK Group’s activities and mission - said Mariusz Cholewa, the President of BIK.  - BIK and its subsidiary BIG InfoMonitor have experience gained over the years in research and provision of credit information and data on financial commitments of individuals and companies. BIK’s scoring models are an excellent tool for credit risk assessment. Therefore, this makes us a natural partner for a rating agency which aims to minimize risks. Thanks to the Agency, a number of investors ready to invest in SME debt instruments will have access to risk ratings. This will help improve confidence and safety of market players, which are the pillars of BIK Group’s mission - said Mr Cholewa.

The necessary condition for the Agency to launch its operation is to register in the European Securities and Markets Authority (ESMA). BIK’s 20 years of experience will be most useful in this process.

- The Agency will launch its operations in the second half of 2018. However, the final start date of its rating activity depends on ESMA registration, which is a precondition for the publication of ratings. We will provide our research and reports to market participants well before that date - said Wojciech Lipka, President of Instytut Analiz i Ratingu.

The Warsaw Stock Exchange is one of the fastest growing exchanges in Central and Eastern Europe. It operates a regulated market of shares and derivative instruments and the alternative stock market NewConnect for growing companies. The Warsaw Stock Exchange also develops Catalyst, a market for issuers of corporate and municipal bonds. Towarowa Giełda Energii , a member of the GPW Group since February 2012, offers trade in electricity, natural gas, property rights and guarantees of origin, and CO2 emission allowances. Since November 9, 2010, the Warsaw Stock Exchange has been a public company listed on the Warsaw Stock Exchange. For more information,  visit:

The Polish Development Fund Group is a group of financial institutions offering instruments supporting the development of enterprises, local governments and individuals investing in sustainable social and economic development. It has a professional team and follows top international standards. PFR’s mission is to implement programs which improve the long-term investment and economic potential of Poland, and foster equal opportunities and environmental protection. For more information, visit:

Biuro Informacji Kredytowej S.A. and Biuro Informacji Gospodarczej InfoMonitor S.A. make up the BIK Group. The BIK Group provides services to Poland’s entire banking system. It supports the exchange of information between the banking sector and companies in all industries. Biuro Informacji Kredytowej S.A. compiles and provides data on credit history of clients of banks and SKOKs, i.e., Poland’s entire credit market. As Poland’s biggest database of individuals and companies, including para-banking loans, BIK maintains records of 140.1 million accounts of 24 million individual customers as well as the credit history of 1.1 million companies, farmers and other entities in total. Under the Act on Provision of Economic Information and Exchange of Economic Data, BIG InfoMonitor accepts, maintains and provides economic information on overdue debt of individuals and companies. It provides the banking industry and entrepreneurs with tools to verify the credibility of customers and counterparties and helps them collect overdue debt.


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