S&P puts People’s United on positive watch

S&P said it placed its BBB+ issuer credit rating on People’s United Financial Inc.’s and People’s United Bank NA’s A- long-term issuer credit rating on CreditWatch with positive implications.

The placement follows People’s announcement it agreed to be acquired by M&T Bank Corp., S&P said.

“The CreditWatch placement reflects the probability that we will raise our ratings on People’s United by one notch, equalizing them with those on M&T, following the closing of the merger,” the agency said in a press release.

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