New York Community Bank Crashes Another 20 Percent on Fitch, Moody’s Downgrades

Published on March 4, 2024

Shares of New York Community Bancorp (NYCB) plummeted about 20 percent to kick off the trading week, driven this time by the stock’s downgrades from Fitch Ratings and Moody’s Investors Service. Fitch slashed the company’s long-term issuer default rating to junk status, tumbling from BBB- to BB+. The rating outlook was also “negative.” The decision was made after NYCB uncovered “material weakness” in its internal controls. “Although such weakness has not resulted in NYCB’s revision of prior period financial statements, it has prompted a reconsideration of NYCB’s controls around adequacy of provisioning, particularly with respect to its concentrated exposure to commercial real estate,” Fitch stated....

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