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Moody's places M&T units' ratings on review for downgrade

Moody's on Dec. 21 placed several ratings for Buffalo, N.Y.-based M&T Bank Corp. units Manufacturers and Traders Trust Co., Wilmington, Del.-based Wilmington Trust Corp., and Wilmington Trust NA on review for possible downgrade.

According to the rating agency, M&T's liability structure is a significant factor in the review for downgrade. Moody's said the review will pay particular attention to M&T's expected structure for its liabilities and whether there is still potential for a greater volume of debt to absorb losses. The company's total asset size and expected growth will also be considered in the review.

For Manufacturers and Traders, up for review are its long-term local currency deposit rating of Aa2, long-term issuer rating of A2, long-term local currency debt rating of A2, long-term bank note program at (P)A2, and short-term bank note program at (P)Prime-1.

For Wilmington Trust Co., up for review is its long-term issuer rating of A2, while Wilmington Trust NA's long-term local currency deposit rating of Aa2 is set to be reviewed.

The outlook in each case was changed from stable to rating under review.