Ratings

Credibility and safety of mBank Hipoteczny
confirmed by high ratings

Moody's Investors Service has assigned rating Aa1 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	Aa1	-	13-07-2021	upgrade
Long-Term Issuer Ratings	Baa2	Negative	24-03-2023	downgrade
Short-Term Issuer Ratings	Prime-2	-	24-03-2023	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