Research Update: Wilmington Trust Corp. Upgraded After Acquisition By M&T Bank Corp.; Outlook Negative May 11
- ID: 1787682
- May 2011
- Standard & Poors
M&T Bank Corp. has completed its acquisition of Wilmington Trust Corp. We are raising our ratings on Wilmington and its subsidiary Wilmington Trust Co. The ratings are removed from CreditWatch where they were placed Nov. 1, 2010. On May 16, 2011, Standard & Poor's Ratings Services raised its counterparty credit ratings on Wilmington Trust Corp. to 'A-/A-2' and on its subsidiary Wilmington Trust Co., DE to 'A/A-1'. The outlook is negative. All ratings were removed from CreditWatch, where they were placed with positive implications on Nov. 1, 2010, following the announcement of the acquisition. The rating actions reflect the completion of the acquisition of Wilmington by M&T. As part of the transaction, M&T will assume all of Wilmington's assets and...
Companies mentioned in this report are:
- Wilmington Trust Corp.
- Wilmington Trust Co. DE
- M&T Bank Corp.
Action: Outlook: Negative
Action: Removed From CreditWatch
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
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