The Polish Financial Supervision Authority's tight capital requirements with relation to mBank's Swiss franc-denominated mortgage loan portfolio have helped mBank strengthen its capital base, also on the back of profit accumulation and an only limited dividend payout. We are affirming our 'BBB+/A-2 ratings on mBank. The negative outlook mirrors the negative outlook on Commerzbank AG, mBank's parent, of which we expect mBank will remain a strategically important subsidiary and likely to benefit from parental support, if needed. On June 21, 2018, S&P Global Ratings affirmed its 'BBB+/A-2' long- and short-term issuer credit ratings on Poland-based mBank. The outlook is negative. We now see mBank's capital buffer as having materially improved. Our risk adjusted capital (RAC) ratio for mBank improved to
