Fitch downgrades Polish mBank's rating outlook to negative from stable

By bne IntelliNews March 31, 2014

Fitch Ratings has revised the Outlooks for mBank and its mortgage and leasing subsidiaries - mBank Hipoteczny and mLeasing to Negative from Stable. The agency said that the Long and Short-term IDRs and Support Ratings of the entities were affirmed, while the Viability Ratings were not affected.
The Outlook revision follow similar rating action taken a few days earlier on the bank's parent i.e. Germany's Commerzbank (A+/Negative Outlook/bbb). At that time, Fitch revised outlooks on 18 EU commercial banks to Negative on weakening support.
mBank is viewed as a strategically important subsidiary of Commerzbank and its Long-term IDR is therefore notched down one level from the Long-term IDR of the parent. mBank Hipoteczny and mLeasing are considered by Fitch as core subsidiaries of mBank, and their IDRs are equalised with the parent.
Thus, mBank's Long-term IDR are affirmed at 'A' with Outlook revised to Negative from Stable; Short-term IDR is affirmed at 'F1', Support Rating affirmed at '1,' while Viability Rating is unaffected at 'bbb-.' Long-term senior unsecured debt rating is affirmed at 'A,' with Short-term senior unsecured debt rating affirmed at 'F1.'

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Alior Bank to pay out PLN570mn in first ever dividend

Alior Bank will pay out a dividend of PLN570mn (€122mn) from the profit generated in 2023, the Warsaw-listed lender said on February 28. The payout is in line with recommendations of the Polish ... more

EBRD buys into Poland’s Pekao Eurobond issue

The European Bank for Reconstruction and Development (EBRD) invested €20mn in debut Eurobonds issued by the state-controlled Bank Pekao, the second-largest Polish lender by assets, the EBRD said on ... more

Four Polish lenders form consortium to finance Polsat Plus Group’s wind farm project

PKO Bank Polski, along with three other banks, has entered into a consortium agreement with Great Wind, a subsidiary of the Polsat Plus Group, a media and entertainment company, to finance the ... more

Follow Us On

Most Read

  1. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    8 days ago
  2. EU finally boosts defence investment into arms production as Ukraine runs out of ammo
    1 month ago
  3. Don't mention the "D" word - Ukraine
    6 days ago
  4. The 'wet-bulb' set to kill hundreds of thousands of people if temperatures and humidity levels continue to rise
    3 days ago
  5. Europe unlikely to tackle Russian LNG imports anytime soon
    3 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    26 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    1 month ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. BRICS announce a blockchain-based payment system to create a common currency
    29 days ago
  5. Saudi Arabia to scale back plans for Neom city
    16 days ago

Reports

Dismiss