DBRS alters M&T Bank trend to negative

DBRS said it changed the trend to negative from stable and confirmed the ratings of M&T Bank Corp., including the company’s long-term issuer rating of A (high). At the same time, DBRS changed the trend to negative from stable and confirmed the ratings of its primary banking subsidiary, Manufacturers & Traders Trust Co.

“The negative trend reflects the wide scale of the economic disruption resulting from the coronavirus disease (Covid-19) pandemic and lower interest rates, which has pressured M&T’s earnings, affecting a number of business lines, and will likely continue to have a significant impact in future quarters. Nevertheless, unprecedented support measures have been put in place through monetary and fiscal stimulus, as well as relaxed criteria from regulators, which in our view, could help mitigate some of the negative impact of the crisis,” DBRS said in a press release.

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