Fitch affirms M&T Bank

Fitch Ratings said that following the closing of M&T Bank Corp.'s acquisition of Wilmington Trust Corp. on May 16, M&T Bank's long- and short-term issuer default ratings were affirmed at A- and F1, respectively.

Fitch also affirmed the bank's senior debt at A- and preferred stock at BBB.

The outlook remains negative.

The affirmation incorporates the company's recently completed acquisition of Wilmington, which was supported by capital raises which should allow for overall capital levels to be in line with those that M&T Bank had at the end of the third quarter of 2010, the agency said.

As of Sept. 30, 2010, M&T Bank had a tangible equity to tangible asset ratio of 5.96% and a tier 1 risk-based capital ratio of 9.45%, the agency added. Moreover, the bank performed relatively better than many peer institutions since the onset of the financial crisis.

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