Following a review of M&T Bank Corp. under Standard&Poor's revised bank criteria (published on Nov. 9, 2011), we have revised our outlook on M&T and its operating subsidiary, Manufacturers&Traders Trust Co., to stable from negative. We affirmed our 'A-/A-2' rating on M&T and our 'A/A-1' rating on Manufacturers&Traders Trust Co. Our ratings on M&T reflect our anchor of 'bbb+', which we then adjust based on our assessment of the company's business and risk positions as strong, capital and earnings as adequate, funding as average, and liquidity as adequate compared with other banks in the U.S. We expect M&T to integrate Wilmington Trust successfully while maintaining capital at current adequate levels. As we previously announced,
