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DBRS trims NY Community Bancorp
DBRS said it downgraded the credit ratings of New York Community Bancorp, Inc. (NYCB), including the company’s long-term issuer rating to BBB (low) from BBB and the long-term credit ratings of its primary banking subsidiary, Flagstar Bank NA to BBB from BBB (high).
“The downgrade reflects our expectations that NYCB’s earnings will remain pressured over the near-term, as the company continues its transformation to a more-diversified regional bank, and less commensurate with BBB-rated peers,” the agency said in a statement.
DBRS noted that the recently announced management changes and $1.05 billion capital raise spared NYCB from a more severe downgrade.
The trend is stable.
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