July 2, 2012 / 9:11 PM / 5 years ago

TEXT-S&P corrects 2 issue ratings on M&T Bank subsidiaries

(The following statement was released by the rating agency)
    July 2 - Standard & Poor's Ratings Services today said it corrected its
rating on Provident Capital Trust I, Maryland's $40 million, 8.29% trust
preferred securities, due April 15, 2028, by raising it to 'BBB' from 'BBB-' and
removing it from CreditWatch negative. Provident Capital Trust I, Maryland is a
wholly owned subsidiary of M&T Bank Corp. In addition, we removed the
rating on Provident Bank of Maryland's $50 million, 9.5% subordinated notes, due
May 1, 2018, from CreditWatch negative. The rating on the notes remains
unchanged at 'A-'. These notes are obligations of Manufacturers & Traders Trust
Co., M&T's bank subsidiary

We placed both of these ratings on CreditWatch negative in May 2009. We should 
have removed the ratings from CreditWatch in June 2009, mirroring the action 
taken on M&T.

RATINGS LIST

Upgraded And Removed From CreditWatch
                               To            From
Provident Capital Trust I, Maryland
 Preferred Stock               BBB           BBB-/Watch Neg

Removed From CreditWatch

Manufacturers & Traders Trust Co.
 $50 mil. sub notes due 2018   A-            A-/Watch Neg



Complete ratings information is available to subscribers of RatingsDirect on 
the Global Credit Portal at www.globalcreditportal.com. All ratings affected 
by this rating action can be found on Standard & Poor's public Web site at 
www.standardandpoors.com. Use the Ratings search box located in the left 
column.

 (New York Ratings Team)

0 : 0
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