Change in the rating of mBank S.A. assigned by Standard and Poor's as a result of downgrading the rating of Commerzbank AG

Current Report

Drafted on:

10.06.2015

Current report No

41/2015

Abbreviated issuer's name

mBank

Contents:

The Management Board of mBank S.A. announces that on 9 June 2015 Standard & Poor's Ratings Services (S&P) downgraded mBank S.A.'s long-term counterparty credit rating from "BBB+" to "BBB" as a result of downgrading Commerzbank's rating from "A-" to "BBB+". Analogically, the rating of bonds issued by mFinance France (mBank's subsidiary) under the Euro Medium Term Note Programme was downgraded to "BBB". mBank's short-term rating remained unchanged at "A2".

The reduction of Commerzbank's long-term rating and the resulting downgrade of mBank's rating by S&P was driven by a verification of the probability of potential German state support for Commerzbank (in connection with the BRRD implementation) and the implementation of the criteria determining the additional loss-absorbing capacity (ALAC). The long-term rating outlook for mBank is stable.

S&P's scale of long-term ratings includes AAA, AA, A, BBB, BB, B, CCC, CC, R, SD and D, while the scale of short-term ratings includes A1, A2, A3, B, C, R, SD and D, which may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories. The definitions of S&P ratings are published on its official website at: www.standardandpoors.com, along with ratings, criteria and methodology.

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