NEW YORK (Standard&Poor's) Sept. 15, 2008--Standard&Poor's Ratings Services said today that its ratings on M&T Bank Corp. (A-/Stable/A-2) will not be affected by the company's announcement that its capital ratios will be flat compared to last quarter's. On Sept. 12, 2008, M&T announced it would record an "other-than-temporary" impairment charge in the third quarter related to its holdings of Fannie Mae and Freddie Mac preferred stock. At June 30, 2008, M&T held Fannie Mae and Freddie Mac preferred stock in its available-for-sale portfolio with a cost basis of $162 million. At June 30, 2008, these investments had a fair value of approximately $120 million. Since that date, the fair value has declined significantly following the placement
