Fitch assigns M&T Bank notes A-

Fitch Ratings said it assigned an A- subordinated debt rating to M&T Bank Corp. (MTB) and its assumed obligation of People's United's $75 million of 5.75% subordinated notes due 2024 following the merger with People's United Financial Inc. that closed April 1. These notes were previous assumed by People’s United as successor in interest by merger to United Financial Bancorp, Inc. on Nov. 1, 2019.

“MTB's subordinated debt is notched one level below its viability rating (VR) for loss severity. In accordance with the bank rating criteria, this reflects alternative notching from the base case of two notches due to Fitch's view of U.S. regulators' resolution alternatives for an entity like MTB, as well as early intervention options available to banking regulators under U.S. law,” Fitch said in a press release.

MTB’s outlook remains negative.

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