...Support Drives IDRs : mBank Hipoteczny SA's (mBH) Issuer Default Ratings (IDRs) are equalised w ith those of its direct parent, mBank SA (BBB/Stable), based on Fitch Ratings' opinion of a high probability of support from 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. m Bank's Core Subsidiary: 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. The parent has full ow nership and a 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 relative size (about 9% of mBank's assets at end-1H18). Funding Profile Underpins Core Role : The bank's core role w ithin the mBank group is based on its...
