Fitch ups mBank's legacy senior debt to BBB

Fitch Ratings said it upgraded mBank SA's legacy senior unsecured debt to long-term BBB from BBB- and removed the rating from Rating Watch positive.

The upgrade reflects the reclassification of the existing senior unsecured debt issuance and program rating to senior preferred debt after mBank completed its first issue of senior non-preferred debt.

“It also reflects our expectation that the bank will build a sustainable buffer of SNP or more junior debt exceeding 10% of risk-weighted assets (RWAs),” Fitch said in a news release.

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