WARSAW, March 25 (Reuters) – Moody’s has downgraded the long-term deposit scores of mBank and altered the outlook to damaging from “below evaluate” citing dangers stemming from the legacy of Swiss franc loans at Polish lenders, the company stated.
Moody’s has downgraded the long-term issuer scores of the financial institution’s mortgage unit mBank Hipoteczny and altered the outlook to damaging from “below evaluate”.
The company confirmed Financial institution Millennium’s long- and short-term deposits scores and altered the outlook on its long-term deposit scores to damaging from “below evaluate”.
An adviser to the European Union’s high courtroom final month sided with Polish debtors with Swiss franc-denominated mortgages. Poland’s regulator has warned the matter may price Polish banks 100 billion zlotys ($22.98 billion).
“Tail dangers for mBank and Financial institution Millennium have elevated considerably in mild of the opinion of the Advocate Common of the European Court docket of Justice, which lifts the loss severity of present and future lawsuits associated to the Polish banks’ legacy Swiss franc mortgage loans,” the company stated.
($1 = 4.3511 zlotys)
Reporting by Marek Strzelecki; enhancing by Jason Neely
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