Poland-based mBank S.A. has successfully removed tail legal risks on its Swiss franc (CHF)-denominated mortgage loans while its underlying profitability has further strengthened. We expect mBank to maintain strong capitalization levels and sufficient additional loss-absorbing capacity (ALAC) in line with one notch of uplift above the bank's stand-alone credit profile (SACP). We revised our outlook on mBank to positive from stable and affirmed our 'BBB+/A-2' long- and short-term issuer credit ratings. The positive outlook indicates that we could raise the ratings if over the next 18-24 months we come to the conclusion that the bank can sustain risk-adjusted profitability commensurate with that of higher-rated peers over the cycle. On March 17, 2026, S&P Global Ratings revised its outlook on Poland-based
