mBank’s Ratings Affirmed

Ref: PL008 20 CRA00- 0 1 22 April 2021

mBank ’s Ratings Affirmed

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

The key drivers for the affirmation of the FCRs are the Bank’s strong capital ratios and resilient business model, which led to an im proved operating income in 2020 despite the challenging operating environment.

The Bank’s BSR is derived from a strong CFS rating of ‘bbb’ and a sound Operating Environment Risk A nchor ( OPERA ) of ‘bbb+’ indicat…