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S&P affirms M&T Bank
Standard & Poor's said it affirmed the A- and A-2 ratings on M&T Bank Corp. and the A and A-1 ratings on Manufacturers & Traders Trust Co.
The outlook remains negative.
The agency also said it placed the BB+ and B ratings on Wilmington Trust Corp. and the BBB- and A-3 ratings on its Wilmington Trust Co. are placed on CreditWatch with positive implications.
The actions follow news that M&T Bank reached a definite agreement to acquire Wilmington Trust in a stock transaction valued at $351 million. The merger would result in $79 billion institution with 790 branches operating across the mid-Atlantic region, the agency said.
As a result of the merger, M&T Bank will acquire Wilmington Trust's well-established corporate trust and wealth advisory businesses, broadening its business line and revenue diversity, S&P said.
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