German Commerzbank plans to sell its majority stake in Poland-based mBank to reduce its risk-weighted assets and so release capital back to shareholders. Although no transaction has yet been announced, we now view mBank as a nonstrategic part of the Commerzbank Group. We are consequently lowering our long-term rating on mBank to 'BBB' from 'BBB+' and the resolution counterparty rating to 'BBB+' from 'A-', while affirming the 'A-2' short-term ratings. The developing outlook indicates that we may raise, lower, or affirm the long-term rating over the next 12-24 months, depending on the implications of the sale process of mBank, including possible carve-out of the legacy foreign currency mortgage loans portfolio. On Sept. 25, 2019, S&P Global Ratings lowered its long-term
