Historically good asset quality and low loan losses Historically consistent profitability and high pretax preprovision income relative to other large regional banks Strong market positions in less-volatile U.S. regions A large proportion of loans that are likely vulnerable to the current economic slowdown resulting from the COVID-19 pandemic Relatively high exposure to higher-risk loan categories such as investor real estate (IRE) and construction loans The negative outlook on M&T Bank Corp. (M&T Bank) reflects the possibility that its loan performance could deteriorate to levels that are weaker than similarly rated peers' and inconsistent with their historically excellent performance. In particular, S&P Global Ratings views M&T Bank's concentration to IRE and construction--which are the highest among similarly rated peers--as particularly vulnerable
