DBRS upgraded M&T Bank Corp.'s long-term issuer rating to A (high) from A and also upgraded its primary banking unit, Manufacturers and Traders Trust Co., to AA (low) from A (high).
The trend for all ratings is stable.
DBRS pointed out M&T Bank's balance sheet strength and "sustained top-tier" financial earnings in upgrading the rating. It also said the company's disciplined underwriting procedures have supported its long history of low volatility in its earnings results together with financial outperformance, particularly during bouts of economic stress. Given the Buffalo, N.Y.-based super regional bank's "strong track record," the rating agency expects the company to continue generating a stronger balance sheet and top-tier earnings in the future.
