Strong loan underwriting and historically lower loan losses than peers' Strong market positions in less-volatile U.S. regions Successful acquisitive history Change in commercial real estate (CRE) mix from commercial mortgages to construction loans Moderate degree of risk in restructuring Hudson City's balance sheet and in achieving high customer retention Standard&Poor's Ratings Services' negative outlook on M&T Bank Corp. (M&T) reflects its view that there is a moderate degree of risk in successfully restructuring Hudson City's balance sheet and in retaining its customers in the New York City Metropolitan (NYC) area, particularly in New Jersey, an area of growth for M&T. The outlook also incorporates our expectation for M&T to maintain its good asset quality metrics and high underwriting
