...June 16, 2025 PARIS (S&P Global Ratings) June 16, 2025--S&P Global Ratings today assigned its '##+' long-term issue rating to the proposed euro-denominated Tier 2 subordinated notes that will be issued by mBank S.A. (###+/Stable/A-2). The notes will be drawn from the bank's 3 billion medium-term note program, and we understand they will qualify as Tier 2 regulatory capital. This is mBank's first issuance of Tier 2 capital notes in euro. The rating is subject to our review of the notes' final documentation. In accordance with our criteria for hybrid capital instruments (see "General Criteria: Hybrid Capital: Methodology And Assumptions," Feb. 10, 2025), the '##+' issue rating reflects our analysis of the proposed instrument and our assessment of mBank's '###' stand-alone credit profile (SACP). The issue rating stands two notches below the SACP, due to the following deductions: - One notch because of the notes' contractual subordination with respect to the bank's senior obligations; and -...
