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DBRS upgrades M&T Bank
DBRS said it upgraded most of the ratings on M&T Bank Corp. and its related entities, including the company’s long-term issuer rating to A from A (low).
The trend is stable.
The intrinsic assessment for Manufacturers & Traders Trust Co. was raised to A (high) from A, while its support assessment remains SA1. M&T’s support assessment is SA3 and its long-term issuer rating is positioned one notch below the bank’s intrinsic assessment.
“The upgrade considers the company’s consistent above peer median financial performance, particularly during times of stress, as well as its conservative risk management culture, which has resulted in superior credit quality through-the-cycle,” the agency said in a news release.
“The company’s ratings are underpinned by its deeply entrenched commercial banking franchise throughout the Northeast and Mid-Atlantic region, as well as its long history of low earnings volatility and consistent profitability.”
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