Moody's on Sept. 27 affirmed the A3/Prime-2 long- and short-term bank deposit ratings of Poland-based mBank SA and changed the outlook on the long-term rating to negative from stable.
Concurrently, the rating agency affirmed the Baa2/Prime-2 long- and short-term issuer ratings of its mortgage subsidiary mBank Hipoteczny SA and similarly changed the outlook on the long-term rating to negative from stable.
Moody's said the rating action stems from Commerzbank AG's plan to divest its majority stake in mBank. The agency added that the negative outlook is a reflects the downward pressure the ratings could face from the sale and the possibility that its acquirer will have a weaker credit profile than Commerzbank, in which case it views the probability of it receiving support as low.
The agency also affirmed mBank's A2/Prime-1 long- and short-term counterparty risk ratings, its A2(cr)/Prime-1(cr) long- and short-term counterparty risk assessments and its "baa2" adjusted baseline credit assessment.
Meanwhile, mBank Hipoteczny's long- and short-term counterparty risk ratings were affirmed at A3/Prime-2, its long- and its short-term counterparty risk assessments at A3(cr)/Prime-2(cr).
