Poland-Based mBank S.A.'s Senior Nonpreferred Debt Issuance Program Rated 'BBB-'

S&PGR Rated mBank S.A.'s Nonpreferred Debt Program 'BBB-' FRANKFURT (S&P Global Ratings) Sept. 10, 2021--S&P Global Ratings today assigned its indicative 'BBB-' rating to the senior nonpreferred notes that may be issued by Poland-based mBank S.A. (BBB/Negative/A-2) under its recently updated €3 billion euro medium term note (EMTN) program. The updated base prospectus has been already approved by the respective supervisory authority in Luxembourg. We will rate individual issuances under the program after reviewing their specific terms and conditions. The 'BBB-' rating is one notch below the bank's 'bbb' stand-alone credit profile (SACP) and reflects that the senior nonpreferred notes are contractually subordinated to preferred senior unsecured debt in the event of insolvency or a resolution scenario, in line with

...September 10, 2021 S&PGR Rated mBank S.A.'s Nonpreferred Debt Program '###-' FRANKFURT (S&P Global Ratings) Sept. 10, 2021--S&P Global Ratings today assigned its indicative '###-' rating to the senior nonpreferred notes that may be issued by Poland-based mBank S.A. (###/Negative/A-2) under its recently updated 3 billion euro medium term note (EMTN) program. The updated base prospectus has been already approved by the respective supervisory authority in Luxembourg. We will rate individual issuances under the program after reviewing their specific terms and conditions. The '###-' rating is one notch below the bank's '###' stand-alone credit profile (SACP) and reflects that the senior nonpreferred notes are contractually subordinated to preferred senior unsecured debt in the event of insolvency or a resolution scenario, in line with Poland's legal implementation of the EU Bank Recovery and Resolution Directive 2 (BRRD 2). In our view, holders of senior nonpreferred notes face a higher default...

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