Poland-Based Banks Pekao And mBank Resolution Counterparty Ratings Raised To 'A-'

OVERVIEW On Oct. 12, 2018, we raised our ratings on Poland to 'A-' from 'BBB+'. Given the improved sovereign risk environment, we now see a lower relative default risk of certain of Polish banks' senior liabilities that may be protected with an effective bail-in resolution process. We are raising our resolution counterparty ratings on both mBank and Pekao to 'A-' and affirming our 'BBB+/A-2' issuer credit ratings on these banks. The stable outlook on Pekao reflects the outlook on PZU, its major shareholder. The negative outlook on mBank mirrors that on its parent, Germany-based Commerzbank AG. RATING ACTION On Oct. 15, 2018, S&P Global Ratings raised its resolution counterparty ratings (RCRs) on Poland-based Bank Polska Kasa Opieki S.A. (Pekao) and

...OVERVIEW + On Oct. 12, 2018, we raised our ratings on Poland to 'A-' from '###+'. + Given the improved sovereign risk environment, we now see a lower relative default risk of certain of Polish banks' senior liabilities that may be protected with an effective bail-in resolution process. + We are raising our resolution counterparty ratings on both mBank and Pekao to 'A-' and affirming our '###+/A-2' issuer credit ratings on these banks. + The stable outlook on Pekao reflects the outlook on PZU, its major shareholder. + The negative outlook on mBank mirrors that on its parent, Germany-based Commerzbank AG. RATING ACTION On Oct. 15, 2018, S&P Global Ratings raised its resolution counterparty ratings (RCRs) on Poland-based Bank Polska Kasa Opieki S.A. (Pekao) and mBank to 'A-' from '###+', and affirmed the 'A-2' short-term RCRs on both banks. At the same time, we affirmed the '###+/A-2' long- and short-term issuer credit ratings (ICRs) on Pekao. The outlook is stable. We also affirmed the...

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