The new Polish rating Agency, a joint project of the Polish stock market operator GPW, the state investment mechanism of the Polish development Fund (PFR) and the credit information Bureau (BIK), will be launched in 2019, GPW CEO Marek Dietl wrote on Twitter.
“Registration of the agency by the European Securities and Markets Authority (ESMA) will allow it to classify investors on Catalyst [market] depending on risk profile, we are already working on creating a ‘prime’ bonds segment,” he added.
In November 2017, GPW, PFR and BIK representatives announced the agency would start operations in the second half of 2018. The three organisations will hold equal 1/3 stakes in the new rating agenc y- the Institute of Analysis and Rating, which will deal with the collection and provision of information on the credit risk of bond issuers.
As previously announced, the agency’s operating cost is to amount to several million zlotys and will cover primarily the IT system and personnel costs.