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Do-It-Yourself Exchange Ratings Tackle Bond Risk: Poland Credit

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Five years after creating a $9 billion tradable corporate bond market, the Warsaw Stock Exchange has a problem: it’s hard to distinguish the credit risk of one listed Polish company from another.

With two-thirds of the Catalyst trading system’s 351 listed debt securities valued at less than $10 million each, most fall under the radar of the global rating companies. The bourse plans to plug the coverage gap by providing its own credit assessments from the second half of next year.