Finance
NY Community Bancorp Faces Moody’s Downgrade Over Risks From Real Estate
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New York Community Bancorp may have its credit rating cut to junk by Moody’s Investors Service as the firm stockpiles money to cover troubled loans and spends more to fund operations.
Moody’s placed all of its assessments, including the bank’s long-term issuer rating of Baa3 — the lowest investment-grade level — on review for downgrade Wednesday after the firm reported a surprise fourth-quarter loss and slashed its dividend. The stock plunged 38%.