mBank S.A. announced an annual loss of Polish zloty 703 million for 2022, driven by material extraordinary costs from legal risks and government initiatives. After the advocate general of the European Court of Justice's opinion, we think the likelihood for additional and material legal risk provisions has increased. These additional costs should be spread over time, allowing mBank's improved operating profitability to buffer the costs, although capital generation could be insufficient to support business growth, absent additional capital management measures. We affirmed the 'BBB/A-2' long- and short-term issuer credit ratings on mBank. The developing outlook continues to reflect diverging trends for the stand-alone credit profile and long-term rating on the bank. On Feb. 21, 2023, S&P Global Ratings affirmed its
