Moody's cuts NYCB ratings to junk, warns of more downgrades
© Reuters. FILE PHOTO: A screen displays the trading information for New York Community Bancorp on the floor at the New York Stock Exchange in New York City, U.S., January 31, 2024. REUTERS/Brendan McDermid/File PhotoThe agency also downgraded all long-term and some short-term ratings and assessments of its lead bank, Flagstar Bank.
Moody's said that NYCB's core historical commercial real estate lending, significant and unanticipated loss on its New York office and multifamily property could create potential confidence sensitivity. The elevated use of market funding may limit the bank's financial flexibility in the current environment, the rating agency added.The bank last week set aside bigger-than-expected provisions for potential bad loans, mainly due to its exposure to CRE, where several borrowers are at risk due to high interest rates and low occupancies.
At least 13 brokerages have downgraded or lowered their price targets for the bank's stock since the earnings report.We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: Include punctuation and upper and lower cases.
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