Good asset quality Solid core profitability Strong market positions in less-volatile economies Capital position, though improved, remains aggressive relative to peers' Exposure to higher-risk loan categories such as commercial real estate (CRE) Pending acquisition of struggling Wilmington Trust could pose challenges Standard&Poor's Ratings Services' 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 its strong market positions in upstate New York, central Pennsylvania, and the Maryland-northern Virginia-Washington D.C. area. These positive factors are tempered by the company's low tangible capital ratios relative to peers', as acquisitions have resulted in a large amount of goodwill; and its relatively high concentration of CRE loans, which we view
