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Moody's keeps M&T Bank, Wilmington on review
Moody's Investors Service said it is continuing the review for possible downgrade of M&T Bank Corp.'s A3 senior debt rating and review with uncertain direction of Wilmington Trust Corp.'s Baa3 issuer rating.
The ratings of these companies and their subsidiaries were placed under review on Nov. 1 following the announcement that M&T Bank had entered into a definitive agreement to acquire Wilmington Trust, Moody's said.
The merger is expected to be completed in the first half of 2011.
During its review of M&T, Moody's continues to focus on the company's capital management plans, particularly its tangible common equity position following the acquisition, as well as its plans to repay TARP preferred stock, the agency said.
The review on Wilmington Trust continues to focus on the likelihood of completion of the transaction with M&T, the agency added. If the transaction is completed as planned, Wilmington Trust's ratings would likely be upgraded to those of M&T. If the transaction is terminated, a downgrade of Wilmington Trust's ratings is possible.
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