mBank’s Long-Term Foreign Currency Rating Lowered

mBank’s Long-Term Foreign Currency Rating Lowered

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

The key driver for the downgrade of the LT FCR is the change in the ESL to Uncertain from Moderate, which is based on the announced sale of mBank by its key shareholder, Commerzbank AG (Coba). As a result, we now consider the Bank as a non-strategic part of the Commerzbank AG group. While Coba continues to demonstrate support for mBank in terms of…