Moody's alters M&T outlook to stable

Moody's Investors Service said it changed the outlook for M&T Bank Corp. to stable from negative and affirmed its ratings, including the A3 senior unsecured rating.

“The change in M&T's rating outlook to stable from negative reflects the change in economic outlook since the transaction was announced in February of 2021, which improves M&T's ability to absorb integration charges, realize merger benefits, and return to its historically high profitability,” Moody’s said in a press release.

Moody's also upgraded all the long-term ratings of People's United Financial Inc. and its bank subsidiary, People's United Bank, NA, to the same level as those of M&T. The holding company senior unsecured debt was upgraded to A3 from Baa2 and the non-cumulative preferred stock was upgraded to Baa2(hyb) from Ba1(hyb).

This action concludes the review on the ratings and assessments of People's that was announced on Feb. 22, 2021, because of the acquisition announcement, the agency said.

Following this upgrade, Moody's said it will withdraw all People's outstanding ratings, except for ratings on debt or preferred stock that remain outstanding, because these entities have been merged into M&T.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.