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 The stable outlook reflects Standard&Poor's Ratings Services' expectation that M&T Bank Corp. will maintain its better-than-average earnings and credit performance as it continues to fully integrate Wilmington Trust Corp., which it acquired in May 2011. We also expect that the company will redeem its remaining Troubled Asset Relief Program (TARP) preferred shares and sustain a Standard&Poor's risk-adjusted capital (RAC) ratio of more than 7%. However, if Wilmington Trust's credit problems become a drag on M&T's profitability or if consolidated asset quality or if
