KRUK Group's corporate rating from S&P Global affirmed; end of cooperation with the agency

On 5 March 2025, the Management Board of KRUK S.A. announced that S&P Global had affirmed the KRUK Group’s corporate rating at ‘BB-’ with a stable outlook. KRUK has decided to end its collaboration with S&P Global, with the current rating being the final one issued by the agency. Going forward, the company will continue its partnership with Moody’s, which first assigned a corporate rating of ‘Ba1’ with a stable outlook to the KRUK Group in 2023, and reaffirmed this rating in December 2024.

“The two ratings were originally obtained to facilitate the issuance of foreign bonds in May 2023. As KRUK currently has no plans for any new foreign bond issues, we have decided to optimise the recurring costs of agency fees by maintaining only one rating,” says Piotr Krupa, CEO and President of the KRUK S.A. Management Board. “In making the decision to end our cooperation with S&P Global, we considered our belief that, despite the S&P rating being among the highest in our industry, it did not fully reflect the strong financial condition and growth prospects of the KRUK Group. The S&P rating deviates from Moody's rating by two notches, which, in our view, may indirectly affect the business terms for our debt instruments, including the terms of cooperation with financing partners. The Group has developed a solid reputation and access to debt financing over the years, earning the trust of both lending banks and bondholders. For us, transparent and open communication is fundamental to maintaining strong investor relations. We are committed to continuing our partnership with Moody’s. We want the market to understand not only our performance but also our approach to business. We are transparent about both our successes and challenges. Earlier this year, we assessed and summarised the implementation of our 2019–2024 strategy and published our strategy for 2025–2029. Our attention is now on its execution, particularly in the area of digital transformation, to which we are dedicating a 100-strong team. Operationally, we are focused on further strengthening our robust performance in Poland, Romania, and Italy, while working to streamline the judicial process in Spain. We do not plan to issue bonds outside of Poland in the near future, which is why we believe that simplifying our rating structure by maintaining just one agency is the most prudent course of action," summarises Piotr Krupa.