MBank S A : Revision of mBank’s rating outlook to developing by S&P Global Ratings

The Management Board of mBank S.A. ("Bank") informs that on 5 August 2022, Fitch Ratings ("Fitch") placed mBank's ratings, i.e. the Viability Rating 'bbb-' and the Issuer Default Ratings, including long-term IDR 'BBB-', on Rating Watch Negative (RWN).

The reason for the above decision is the downgrade of the operating environment score for Poland to 'bbb' from 'bbb+' mainly due to the introduction of the statutory loan holidays on local currency mortgages. In the opinion of Fitch, the hitherto profitable business models of banks are under pressure due to the level of intervention by the state combined with the expected slowdown of the economy. Fitch will resolve the RWN placed on the Bank's ratings following a full review including an assessment of the impact of the revised operating environment score and the direct impact of the credit holiday on key financial metrics of the Bank.