...Outlook: Stable The stable outlook reflects our expectation that the company will maintain its stable financial performance, good asset quality metrics, and conservative underwriting standards. We also expect that its concentration in investor commercial real estate (CRE) will not increase substantially and that growth within that portfolio will decelerate. In addition, we expect that construction loans will not sustainably exceed 10% of total loans. Lastly, we expect that the S&P Global Ratings' risk-adjusted capital (RAC) ratio will remain toward the high end of the 7%-10% range we consider adequate. We could lower the ratings if our expectations--as outlined above--are not met. In addition, we could lower the ratings if we believe M&T Bank Corp.'s (M&T Bank) track record of strong asset quality performance will not continue, perhaps because of weakness in its CRE portfolio or other asset categories. For example, our view of M&T Bank's ability to manage its concentration in investor CRE...
