...Support Drives IDRs: mBank Hipoteczny SA'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 of support by mBank, if required. Support for mBH could come directly from its parent or flow from its ultimate parent, Commerzbank AG (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 an integral part of mBank's business and there is a high level of management and operational integration, 100% ownership, and a long 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 9% of mBank's assets at end-1H17). Core Role Maintained: The bank's core role within the mBank group is based on its ability to issue stable long-term funding for the group in the form...
