Fitch lifts Provident preferreds

Fitch Ratings said it upgraded Provident Bankshares, Corp.'s preferred stock, Provident Bank of Maryland's subordinated debt and Provident (MD) Capital Trust I's preferred stock to BBB+ from BBB- following the completed acquisition of Provident by M&T Bank Corp.

The ratings join M&T Bank's ratings on Rating Watch negative.

The securities were upgraded to align them with the ratings for M&T Bank, the agency said. Provident Bankshares' preferred will be renamed M&T series C capital purchase program preferreds.

The Rating Watch negative reflects Fitch's expectation of additional credit deterioration across virtually all loan categories industry wide.

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