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Moody's upgrades Poland-based mBank

Moody's on May 24 raised to A3 from Baa1 the long-term bank deposit rating of mBank SA and revised the outlook on the rating to stable from positive.

The rating agency also upgraded the Polish bank's baseline credit assessment to "baa3" from "ba1", adjusted baseline credit assessment to "baa2" from "baa3", long- and short-term counterparty risk assessments to A2(cr)/Prime-1(cr) from A3(cr)/Prime-2(cr) and long- and short-term counterparty risk ratings to A2/Prime-1 from A3/Prime-2. Also affirmed was the bank's short-term bank deposit rating at Prime-2.

The upgraded bank deposit rating was driven by a similar action on the bank's baseline credit assessment and a high probability of support from the bank's German parent Commerzbank AG, Moody's noted. The upgraded baseline credit assessment, meanwhile, reflects mBank's continued strong performance and improving credit profile.

Moody's added that the stable outlook reflects limited upward or downward pressure on the bank's ratings in the next 12 to 18 months.