...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 69.33% shareholder, Commerzbank AG (BBB+/Stable/bbb+). The Stable Outlook on mBank's Long-Term IDR mirrors that on Commerzbank. mBank's Short-Term IDR of `F2' is the higher of the two ratings corresponding with a `BBB' Long-Term IDR, because of Commerzbank's solid liquidity and our view that Commerzbank's propensity to support is likely in the near term. Solid Standalone Credit Profile: mBank's Viability Rating (VR) is underpinned by its well- established domestic market franchise with a 6% market share of loans and deposits, conservative business model and risk appetite and generally solid financial metrics. mBank is a systemically important (D-SIB) Polish bank and was the fourth-largest by assets at end-3Q18. FC Mortgages Constrain VR: Legacy foreign-currency (FC, primarily Swiss franc) retail mortgages...
