NYCB Downgraded to Junk by Fitch, as Moody’s Goes Even Deeper
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New York Community Bancorp’s credit grade was cut to junk by Fitch Ratings, and Moody’s Investors Service lowered its rating even further, a day after the commercial real estate lender said it discovered “material weaknesses” in how it tracks loan risks.
Fitch downgraded the bank’s long-term issuer default rating to BB+, one level below investment grade, from BBB-, according to a statement Friday. Moody’s, which cut the bank to junk last month, lowered its issuer rating to B3 from Ba2.