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Fitch downgrades mBank, mBank Hipoteczny


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Fitch downgrades mBank, mBank Hipoteczny

Fitch Ratings on Oct. 15 downgraded the long- and short-term issuer default ratings of mBank SA and mBank Hipoteczny SA to BBB-/F3 from BBB/F2 in light of Commerzbank AG's decision to divest its majority stake in mBank.

The rating agency believes that mBank is not a strategically important subsidiary for Commerzbank anymore. A buyer has not been finalized yet, but ING Groep NV's polish unit is reportedly considering acquiring mBank.

Fitch also downgraded mBank's long- and short-term senior unsecured debt ratings to BBB-/F3 from BBB/F2, its long- and short-term national ratings to A+(pol)/F1(pol) from AA-(pol)/F1+(pol) and support rating to 3 from 2. Also downgraded were mBank Hipoteczny's long- and short-term national ratings to A+(pol)/F1(pol) from AA-(pol)/F1+(pol).

The agency also placed the ratings, as well as mBank's "bbb- " viability rating, on rating watch positive. The long-term ratings had a stable outlook prior to the placement.

Fitch also downgraded mFinance France SA's long-term senior unsecured rating to BBB- from BBB and placed it on rating watch positive.