Fitch removes mBank's ratings from Negative Rating Watch and affirms Long term Issuer Default Rating at 'BBB-' Outlook Negative
Fitch removes mBank's ratings from Negative Rating Watch and affirms Long term Issuer Default Rating at 'BBB-' Outlook Negative
| Current Report | | |
| Drafted on: | 10.09.2021 |
| Current report No | 37/2021 |
| 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. (&ldquo|Bank"|) informs that on 9 September 2021 Fitch Ratings (&lsquo|Fitch&rsquo|) affirmed Long term Issuer Default Rating at 'BBB-&lsquo| and Viability Rating of the Bank at &lsquo|bbb-&lsquo| and removed these ratings from Negative Rating Watch. The outlook of Long Term Issuer Default Rating is negative. The removal of the Rating Watch Negative reflects Fitch&rsquo|s view that the short-term downside risks to the Bank&rsquo|s ratings have reduced. This is due to a significant delay of the Supreme Court ruling that could be potentially negative for the exposed banks, a stronger than expected economic recovery and lower than expected pressure on asset quality stemming from the pandemic. Litigation risk and uncertainty pertaining to the Supreme Court resolution underpins the decision to maintain negative outlook. |
SIGNATURE OF THE PERSONS REPRESENTING THE COMPANY
| Vice-director for investment supervision, Compliance Department | Maciej Mołdawa 10.09.2021 |
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