WARSAW, March 25 (Reuters) – Moody’s has downgraded the long-term deposit rankings of mBank and adjusted the outlook to adverse from “beneath 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 rankings of the financial institution’s mortgage unit mBank Hipoteczny and adjusted the outlook to adverse from “beneath evaluate”.
The company confirmed Financial institution Millennium’s long- and short-term deposits rankings and adjusted the outlook on its long-term deposit rankings to adverse from “beneath 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 might value Polish banks 100 billion zlotys ($22.98 billion).
“Tail dangers for mBank and Financial institution Millennium have elevated considerably in gentle of the opinion of the Advocate Basic 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
: .