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 as an area of potential vulnerability. M&T's earnings represent a positive ratings consideration for the company. Despite some decline due to the recent economic downturn, the company has remained profitable and income levels have outperformed peers'. Earnings reflect steady levels of
