14.04.2020

Fitch affirms mBank’s ratings and removes them from Rating Watch Positive

Fitch affirms mBank&rsquo|s ratings and removes them from Rating Watch Positive

Current Report \|
Drafted on:	14.04.2020
Current report No	23/2020

Legal basis: |

§| 17 Regulation (EU) No 596/2014 Of The European Parliament And Of The Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC

Contents: |

The Management Board of mBank S.A. (Bank) hereby informs that on April 14, 2020 Fitch Ratings (Fitch) affirmed the Long-Term Issuer Default Rating (IDR) of the Bank at 'BBB-' and Viability Rating at &lsquo|bbb-&rsquo|. At the same time the ratings were removed from Rating Watch Positive. The outlook for IDR is stable.

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The removal of the Positive Watch reflects Fitch&rsquo|s view that under current market conditions the sale of mBank by Commerzbank AG is unlikely. Earlier the agency believed that the sale would be accompanied by the transfer of risks on the bank&rsquo|s foreign currency mortgage portfolio to the parent, which would support Fitch&rsquo|s assessment of mBank&rsquo|s company profile, risk appetite, asset quality and capital.

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The Stable Outlook reflects Fitch&rsquo|s view that the Bank&rsquo|s solid capital levels and buffers above minimum capital requirements are sufficient to withstand the projected weakening of the Polish economy without resulting in significant pressure on the ratings at their current level.

SIGNATURE OF THE PERSONS REPRESENTING THE COMPANY

Vice-director for investment supervision, Compliance Department

Maciej Mołdawa 14.04.2020

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Fitch affirms mBank’s ratings and removes them from Rating Watch Positive

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