M&T Bank Corporation: Rating Report

Ratings

• Allfirst Asset Trust

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  09-Jun-23	Trust Preferred Securities	A	Neg	Trend Change	US

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• First Maryland Capital I

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  09-Jun-23	Trust Preferred Securities	A	Neg	Trend Change	US

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• First Maryland Capital II

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  09-Jun-23	Trust Preferred Securities	A	Neg	Trend Change	US

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• M&T Bank Corporation

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  09-Jun-23	Long-Term Issuer Rating	A (high)	Neg	Trend Change	US
  09-Jun-23	Short-Term Issuer Rating	R-1 (low)	Stb	Confirmed	US
  09-Jun-23	Long-Term Senior Debt	A (high)	Neg	Trend Change	US
  09-Jun-23	Short-Term Instruments	R-1 (low)	Stb	Confirmed	US
  09-Jun-23	Subordinated Debt	A	Neg	Trend Change	US
  09-Jun-23	Preferred Stock	BBB (high)	Neg	Trend Change	US
  09-Jun-23	Trust Preferred Securities	A	Neg	Trend Change	US

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• Manufacturers & Traders Trust Company

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  09-Jun-23	Long-Term Issuer Rating	AA (low)	Neg	Trend Change	US
  09-Jun-23	Short-Term Issuer Rating	R-1 (middle)	Stb	Confirmed	US
  09-Jun-23	Long-Term Deposits	AA (low)	Neg	Trend Change	US
  09-Jun-23	Long-Term Senior Debt	AA (low)	Neg	Trend Change	US
  09-Jun-23	Short-Term Instruments	R-1 (middle)	Stb	Confirmed	US
  09-Jun-23	Subordinated Debt	A (high)	Neg	Trend Change	US

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• Wilmington Trust Company

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  09-Jun-23	Long-Term Issuer Rating	A (high)	Neg	Trend Change	US
  09-Jun-23	Long-Term Senior Debt	A (high)	Neg	Trend Change	US

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• Wilmington Trust National Association

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  09-Jun-23	Long-Term Issuer Rating	AA (low)	Neg	Trend Change	US
  09-Jun-23	Short-Term Issuer Rating	R-1 (middle)	Stb	Confirmed	US
  09-Jun-23	Long-Term Deposits	AA (low)	Neg	Trend Change	US
  09-Jun-23	Long-Term Senior Debt	AA (low)	Neg	Trend Change	US
  09-Jun-23	Short-Term Instruments	R-1 (middle)	Stb	Confirmed	US

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