NEW YORK--(EON: Enhanced Online News)--Kroll Bond Rating Agency (KBRA) has assigned senior long-term and short-term debt ratings of A- and K1, respectively, to M&T Bank Corporation (M&T), a bank holding company. In addition, KBRA has assigned a long-term rating of A and short-term rating of K1 to Manufacturers and Traders Trust Company (M&T Bank), the primary banking subsidiary of M&T Bank Corporation. This rating was not solicited by M&T Bank and the bank did not participate in the ratings process.
The outlook on all ratings is stable. The ratings are based on M&T’s financial fundamentals as indicated by its strong earnings track record, increasing capital and deposit base, comparatively low charge-off levels, and improving asset quality. The ratings also reflect M&T’s relatively strong and improving franchise in the Mid-Atlantic and Northeast, as well as its concentration in commercial mortgages, and the pending acquisition of Hudson City Bancorp (Hudson City).
The ratings are based on KBRA’s Global Bank and Bank Holding Company Rating Methodology, published on May 2, 2013. This rating was not solicited by M&T Bank Corporation and M&T did not participate in the ratings process.
About Kroll Bond Rating Agency
KBRA was established in 2010 by Jules Kroll to restore trust in credit ratings by creating new standards for assessing risk and by offering accurate, clear and transparent ratings. KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).