Moody’s lowers mBank and Bank Millenium ratings
Moody's Investors Service has downgraded the long-term rating of mBank Hipoteczny from Baa1 to Baa2 and revised the outlook to negative, according to a statement from the bank. The agency has also confirmed the issuer's short-term rating at P-2.
The downgrade is due to the methodology of rating companies within the same capital group. mBank Hipoteczny has been present on the market since 1999 and is 100% owned by mBank, which is controlled by Commerzbank.
The agency also downgraded the rating of BCA Bank Millennium to ba3 from ba2. Bank Millennium has been listed (originally as BIG SA, before rebranding in 2003) on the Warsaw stick exchange since 1992. Its strategic investor is Banco Comercial Portugues (Millennium bcp), the largest commercial bank in Portugal.
Source: ISBnews
