Poland-based mBank has taken significant steps to reduce the risk on its Swiss franc-related mortgage loans while its underlying profitability remains strong. As legal risks ease, we expect lower earnings volatility. In addition, mBank has improved its capitalization, including with the issuance of an Additional Tier 1 instrument in December 2024. As such, we now expect mBank's risk-adjusted capital ratio to improve and exceed 10% over the next two years. We therefore raised our long-term issuer credit ratings on mBank to 'BBB+' from 'BBB'. The outlook is stable based on our view that mBank can maintain its solid profitability, strong capital, and a balanced risk profile over the next 24 months. On Feb. 27, 2025, S&P Global Ratings raised its
