Solid asset quality Good core profitability Strong market positions Aggressive capital position Exposure to higher risk loans categories such as commercial real estate The ratings on Buffalo, N.Y.-based M&T Bank Corp. (M&T) are based on its good asset quality, solid operating performance relative to peers', and strong market positions in upstate New York, central Pennsylvania, and the Maryland-northern Virginia-District of Columbia area. These positive factors are tempered by the company's low tangible capital ratios, as acquisitions have resulted in a large amount of goodwill; and its relatively high concentration in commercial real estate (CRE) loans, which Standard&Poor's Ratings Services views as an area of potential vulnerability. M&T's earnings are a positive ratings consideration for the company. Despite some
