...Support Drives IDRs: mBank Hipoteczny's (mBH) Issuer Default Ratings (IDRs) are equalised with those of its direct parent, mBank SA (BBB/Stable), based on Fitch Ratings' opinion of a high probability that the bank would be supported by mBank, if required. Support for mBH could come directly from its parent or flow from its ultimate parent, Commerzbank (BBB+/Stable). The Stable Outlook reflects that on mBank. The high probability of support reflects mBH's core role in the mBank group. It is a key and integral part of mBank's business (a retail mortgage lending arm) and there is a high level of management and operational integration, 100% ownership, and a long and successful history of supporting the objectives of mBank group. Our opinion is underpinned by the significant funding support by mBank and the easily manageable potential cost of support, given mBH's small size (about 8% of mBank's assets). Core Role Further Strengthened: The bank's core role within the mBank group is based on its...
