mBank – Ratings Lowered; Outlook Revised to Stable

Ref: PL008 2 2 CRA00- 0 1 6 April 202 3

mBank – Ratings Lower ed; Outlook Revised to Stable

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has lowered mBank’s Long-Term Foreign Currency Rating (LT FCR) and Bank Standalone Rating (BSR) to ‘BBB’ and ‘bbb’, respectively, from ‘BBB+’ and ‘bbb+’. The Outlook on the ratings has been revised to Stable from Negative. At the same time, CI Ratings has affirmed the Bank’s Short-Term Foreign Currency Rating (ST FCR) of ‘A2’, Core Financial Strength (CFS) rating of ‘bbb’, and Extraordinary Support Level (ESL) of Uncertain.

The downgrade of the Bank’s LT FCR and BSR is a result of CI’s Operating Environment Risk Anchor ( OPERA ) adjustment to ‘bbb’ (from ‘bbb+’). The lowering of OPERA reflects the challenges Polish banks have faced in recent years, which culminated in the introduction of various…