Ratings

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	Aa1	-	13-07-2021	upgrade
Long-Term Issuer Ratings	Baa1	Stable	13-07-2021	upgrade
Short-Term Issuer Ratings	Prime-2	-	13-07-2021	affirmation
Long-Term Counterparty Risk Ratings	A2	-	13-07-2021	upgrade
Short-Term Counterparty Risk Ratings	Prime-1	-	13-07-2021	upgrade
Long-term Counterparty Risk Assessment	A2(cr)	-	13-07-2021	upgrade
Short-term Counterparty Risk Assessment	Prime-1(cr)	-	13-07-2021	upgrade

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:

• Moody's Report for mBank Hipoteczny as at 27-05-2019
• Moody's Report for mBank Hipoteczny Mortgage Covered Bonds as at 09-12-2020