...IDRs Based on Support: The ratings of mBank Hipoteczny (mBH) reflect Fitch Ratings' view that mBH is a core subsidiary of mBank SA (BBB/Stable/bbb-), its 100% owner. Fitch believes there is an extremely high probability that mBH would be supported, if required, by mBank or by its ultimate shareholder, Commerzbank AG (BBB+/Stable/bbb+). This is based on mBH's strong operational integration with and supervision by the parent. The Stable Outlook on mBH's Long-Term Issuer Default Rating (IDR) mirrors that on mBank. Reinforcement of Strategic Role: mBH is an element of mBank's funding and liquidity strategy, as covered bonds are to become the principal long-term financing source for the group's residential mortgage lending. Since 2H13 mBH has been issuing covered bonds based on residential mortgages originated through mBank's sales channels (agent model) and mBank existing mortgages in local currency transferred to mBH (pooling model). Operational Integration and Tight Supervision: Tight supervision...
