...Support Drives Ratings: mBank SA's Issuer Default Ratings (IDRs) and Support Rating reflect Fitch Ratings' view of a high probability that the bank would be supported, if required, by its 69.37% owner, Commerzbank AG (BBB+/Stable/bbb+). The Stable Outlook on mBank's Long-Term IDR mirrors that on Commerzbank. mBank's Short-Term IDR is the higher of two corresponding with a `BBB' Long-Term IDR because of Commerzbank's solid liquidity and our view that its propensity to support is more certain in the near term. Swiss Franc Mortgages Constrain VR: mBank's Viability Rating (VR) suffers from the bank's large legacy exposure to Swiss franc mortgages, which weigh on our assessment of its asset quality, profitability, capitalisation and funding, and amplify legal risks. mBank's VR is underpinned by the bank's established domestic market franchise, conservative risk appetite, moderate level of impaired loans, solid capital buffer and stable funding. Systemically Important Bank: mBank was the fourth-largest...
