MBank : long-term rating raised to ‘BBB+’ by S&P Global Ratings

The Management Board of mBank S.A hereby informs that on March 28, 2017 S&P Global Ratings (S&P) raised mBank's long-term issuer credit rating from 'BBB' to 'BBB+' following the upgrade of Commerzbank AG from 'BBB+' to 'A-' and S&P's expectation that mBank remains Commerzbank's strategically important subsidiary. Long-term rating of mBank was removed from CreditWatch, where it was placed with positive implications on December 15, 2016. The outlook on mBank's long-term rating after the rating upgrade is negative, which reflects the negative outlook on Commerzbank's rating. Along with the upgrade of mBank, S&P's rating of bonds issued by mFinance France under the Euro Medium Term Note Programme (EMTN) was also raised to 'BBB+'.

S&P's scale of long-term ratings includes AAA, AA, A, BBB, BB, B, CCC, CC, R, SD and D, which may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories. The definitions of S&P ratings are published on its official website at: www.standardandpoors.com, along with ratings, criteria and methodology.