Fitch rates mBank SNP BBB-

Fitch Ratings has assigned mBank SA's upcoming senior non-preferred debt issue an expected BBB- rating.

The issue is expected to be euro-denominated with a planned issue size is € 500 million.

“At the same time, we have placed the bank's senior unsecured debt long-term rating of BBB- on rating watch positive (RWP), reflecting our expectation that this will be upgraded once mBank issues SNP debt,” Fitch said in a press release.

mBank's SNP debt is rated in line with the bank's issuer rating reflecting the expectation that the bank will build a buffer of SNP and more junior debt sustainably exceeding 10% of its risk weighted assets (RWA) under the minimum requirement for own funds and eligible liabilities, the agency said.

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