Capital/Financing Update • Aug 5, 2022
Capital/Financing Update
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The Management Board of mBank S.A. ("Bank_quot;) informs that on 5 August2022, Fitch Ratings ("Fitch") placed mBank's ratings, i.e. the ViabilityRating 'bbb-' and the Issuer Default Ratings, including long-term IDR'BBB-', on Rating Watch Negative (RWN).
The reason for the above decision is the downgrade of the operatingenvironment score for Poland to 'bbb' from 'bbb+' mainly due to theintroduction of the statutory loan holidays on local currency mortgages.
In the opinion of Fitch, the hitherto profitable business models ofbanks are under pressure due to the level of intervention by the statecombined with the expected slowdown of the economy.
Fitch will resolve the RWN placed on the Bank's ratings following a fullreview including an assessment of the impact of the revised operatingenvironment score and the direct impact of the credit holiday on keyfinancial metrics of the Bank.
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