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Moody's: M&T Bank view to negative
Moody's Investors Service said it affirmed the ratings of M&T Bank Corp. and its lead operating subsidiary, Manufacturers & Traders Trust Co.
M&T Bank long-term issuer rating is A3. The lead bank's standalone bank financial strength rating/baseline credit assessment is C+/a2 and its long- and short-term deposit ratings are A2 and Prime-1, respectively.
At the same time, the agency changed outlook on M&T Bank and its subsidiaries to negative from stable.
The affirmation of the bank's ratings was driven by its comparatively strong asset quality, solid profitability, low earnings volatility and improving capital position.
Notwithstanding these strengths, which support M&T Bank's above-average ratings, Moody's said it changed the outlook to negative because of the unprecedented delay and heightened uncertainty in closing M&T Bank's pending acquisition of Hudson City Bancorp, Inc.
The acquisition, first announced in August 2012, has been delayed twice (with the latest announcement being on Dec. 17). M&T Bank's banking regulators, with regards to the company's compliance with Bank Secrecy Act and anti-money laundering requirements, have driven the delays, the agency said.
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