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	Aa3	-	27-05-2019	assignment
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:

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

mBank Hipoteczny's Statement regarding substitute collateral

Hereby, mBank Hipoteczny declares that, according to its policy, it intends to use treasury bonds issued by the Polish Minister of Finance on behalf of the State Treasury as a Substitute Cover until the long-term foreign currency sovereign credit rating on the Republic of Poland is at the level of ‘A-‘ or higher according to the rating agency Fitch Ratings Ltd scale.

In case this rating  is lower than ‘A-‘ according to the rating agency Fitch Ratings Ltd scale, mBank Hipoteczny declares to replace the treasury bonds with other assets, without undue delay, given the time needed to meet the technical requirements necessary to conduct such operation and economic factors related thereto, but no longer than within 30 calendar days from the day of downgrading the Republic of Poland’s rating below the level of ‘A-‘.