Bank Millennium’s Ratings Lowered; Outlook Remains Negative

Ref: PL00 2 2 1 CRA00- 0 1 21 April 20 2 2

Bank Millennium ’s Ratings Lowered ; Outlook Remains Negative

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has lowered the Long-Term Foreign Currency Rating ( LT FCR ) of Bank Millennium S.A. (BM) to ‘BBB’ from ‘BBB+’ . At the same time, CI Ratings has lowered BM’s Bank Standalone Rating ( BSR ) to ‘bbb’ from ‘bbb+’ and the Core Financial Strength ( CFS ) rating to ‘bbb- ’ from ‘bbb’ . BM’s Short-Term Foreign Currency Rating ( ST FCR ) has been affirmed at ‘A2’ . T he Outlook for the LT FCR and BSR remains Negative. The Bank’s ESL of Uncertain has also been affirmed.

The lowering of the LT FCR, BSR and CFS rating reflects BM’s elevated exposure to CHF mortgage loans (the highest among the banks CI rates) and the resulting high legal risks , which have adversely impacted both the…