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Moody’s might drop M&T, Wilmington Trust
Moody's Investors Service said it placed the Aa2 long-term deposit and A2 senior unsecured debt ratings of Manufacturers and Traders Trust Co. on review for downgrade, as well as its senior unsecured provisional A2 and short-term provisional Prime-1 bank note program ratings.
The agency also placed the A2 issuer rating of Wilmington Trust Co. and the Aa2 long-term deposit rating of Wilmington Trust, NA on review for downgrade.
The other ratings of M&T Bank Corp. and subsidiaries were unchanged, including the a2 standalone baseline credit assessments of Manufacturers and Traders and Wilmington Trust NA.
Moody’s said the review for downgrade is driven by M&T's liability structure, which has negative credit implications under Moody's Advanced Loss Given Failure framework, a component of the agency’s rating methodology for banks.
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