27.06.2023
Contents:

1. REPORT

3. INFORMATION ABOUT THE ENTITY

4. SIGNATURE OF PERSONS REPRESENTING THE COMPANY

POLISH FINANCIAL SUPERVISION AUTHORITY
REPORT No 52 / 2023
Date of issue: 2023-06-27
Short name of the issuer
mBank S.A.
Subject
Affirmation by S&P Global Ratings of mBank’s long-term rating at “BBB”, change of outlook from developing to stable, and downgrade of senior subordinated instruments
Official market - legal basis
Art. 17 ust. 1 MAR - informacje poufne.
Contents of the report:
Affirmation by S&P Global Ratings of mBank’s long-term rating at “BBB”, change of outlook from developing to stable, and downgrade of senior subordinated instruments The Management Board of mBank S.A. (“Bank") informs that on June 27, 2023, S&P Global Ratings (S&P) affirmed the Bank’s “BBB/A-2“ long- and short-term issuer credit ratings and revised the outlook of the long-term rating from developing to stable. Moreover, S&P downgraded senior subordinated instruments (senior non-preferred debt) from “BBB-” to “BB+”. According to S&P, the CJEU ruling on June 15, 2023 will materially increase the costs of legal risk related to foreign currency loans and make financial results more volatile for the next few years. At the same time, S&P forecasts the Bank's underlying profits to remain sizable, supported by its good operational efficiency and high market interest rates. The long-term rating is positively impacted by the inclusion of additional loss-absorbing capacity (ALAC) comprising eligible debt instruments to meet the MREL requirements. The stable outlook reflects S&P’s opinion that the Bank's underlying profitability and capitalization over the next 12-24 months will allow it to absorb future costs of legal risk arising from CHF mortgage loans and potential government-obligated costs.

INFORMATION ABOUT THE ENTITY    >>>

SIGNATURE OF PERSONS REPRESENTING THE COMPANY
Date Name Position / Function Signature
2023-06-27 Maciej Mołdawa Wicedyrektor Departamentu Compliance