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Fitch affirms M&T Bank
Fitch Ratings said it affirmed the long-term and short-term issuer default ratings of M&T Bank Corp. at A- and F1, respectively.
The outlook is stable.
M&T signed a definitive agreement to purchase Hudson City Bancorp, which is positive for both banks given the benefits of the combined institution, according to the agency.
For Hudson City, the deal addresses its challenges regarding earnings pressures and interest rate risk, Fitch said.
The affirmation reflects M&T's consistently sound financial and credit performance during a difficult operating environment, the agency noted.
The company's solid franchise, veteran management team and good revenue diversification also support ratings, the agency added.
Offsetting these strengths, M&T manages with capital levels lower than its peers and faces some challenges regarding Basel III, Fitch said.
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