Ratings

Credibility and safety of mBank Hipoteczny
confirmed by high ratings

Moody's Investors Service has assigned rating Aa2 to mortgage covered bonds

issued by mBank Hipoteczny S.A.

mBank Hipoteczny S.A. has been assigned the following ratings by Moody's Investors Service:

	Rating	Perspective	Date of decision	Action taken	Press release
Mortgage Covered Bonds	Aa2	-	09-12-2020	upgrade
Long-Term Issuer Ratings	Baa2	Stable	30-09-2020	affirmation
Short-Term Issuer Ratings	Prime-2	-	30-09-2020	affirmation
Long-Term Counterparty Risk Ratings	A3	-	30-09-2020	affirmation
Short-Term Counterparty Risk Ratings	Prime-2	-	30-09-2020	affirmation
Long-term Counterparty Risk Assessment	A3(cr)	-	30-09-2020	affirmation
Short-term Counterparty Risk Assessment	Prime-2(cr)	-	30-09-2020	affirmation

Scale of ratings by Moody's Investors Service:

long-term international, covered bonds ratings: Aaa, Aa, A, Baa, Ba, B, Caa, Ca, C
short-term international: Prime-1, Prime-2, Prime-3, Not Prime
numerical modifiers: 1, 2, 3 (modifier 1 - the higher rating category, 3 - the lower rating category) to each generic rating classification from Aa through Caa

Latest rating agencies reports: