Fitch affirms M&T Bank

Fitch Ratings said it affirmed the long- and short-term issuer default ratings for M&T Bank Corp. a A- and F1, respectively, and lowered the individual rating to B/C from B. Ratings have been removed from Rating Watch negative, where they were placed on May 15.

The outlook is negative.

The actions mark the completion of Fitch's review of the bank, the agency said.

The affirmation of MTB's long-term and short-term ratings reflects the bank's consistently sound financial performance during a difficult operating environment, including credit losses and problem assets that have remained lower than most peers, Fitch said.

MTB's individual rating reflects its asset quality deterioration and resulting earnings pressure in light of comparatively low capital levels, the agency noted.

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