Moody’s downgrades Poland’s mBank, confirms Bank Millennium

According to WARSAW( Reuters )- Moody’s, the agency downgraded the long-term deposit ratings of mBank and changed the outlook from” under review” to” negative ,” citing risks associated with the legacy of Swiss franc loans at Polish lenders.

The mortgage unit of the bank, mBank Hipoteczny, has had its long-term issuer ratings downgraded by Moody’s, and the outlook has changed from” under review” to” negative.”

The organization updated the outlook on Bank Millennium’s long-term deposit ratings from” under review” to” negative” and confirmed its long – and short – term deposits ratings.

Last month, a base court advisor for the European Union sided with Polish loans with mortgages denominated in Swiss francs. The issue could cost Polish banks 100 billion zlotys($ 22.98 billion ), according to Poland’s regulator.

According to the European Court of Justice’s Advocate General, the lost frequency of current and future lawsuits involving the Polish banks’ legacy Swiss francs mortgage loans has significantly increased the tail risks for mBank and Bank Millennium.

( 1 x 4.3511 zlotys )

( Editing by Jason Neely, reporting by Marek Strzelecki)

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