S&P puts Provident on positive watch

Standard & Poor's said it placed its BBB+ long-term counterparty credit rating on Provident Bankshares Corp. on CreditWatch with positive implications following its announcement that it entered into an agreement to be acquired by M&T Bank Corp. (A-/stable/A-2).

The agency said it could raise the rating on Provident to equalize it with the ratings on M&T and to reflect the support from the higher-rated M&T and Provident's strategic importance to the combined entity.

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