Fitch Ratings affirmed M&T Bank Corporation's Long- and Short-Term Issuer Default Ratings (IDRs) at 'A' and 'F1', respectively, on October 4, 2024. The Rating Outlook was revised to Stable from Negative, signaling an improved assessment of the bank's financial stability.
This positive revision reflects a reduction in M&T Bank's commercial real estate (CRE) concentration, stable asset quality performance, and a more accommodative monetary policy environment. The bank's CRE concentration relative to risked-based capital decreased to 148% as of August 2024, down from 202% at Q2 2024.
M&T Bank's strong earnings power, conservative risk profile, robust liquidity, and above-peer capital levels were cited as key factors supporting the affirmation and stable outlook. The Common Equity Tier 1 (CET1) capital ratio stood at 11.45% as of Q2 2024, demonstrating strong capital resiliency.
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