New York Community Bancorp has been downgraded to “junk” status by Moody’s, another blow for the regional US bank whose stock has plummeted over the past week over concerns about potential losses tied to real estate lending.
The downgrade from the rating agency late on Tuesday put further pressure on NYCB’s share price, which fell another 16 per cent in after-hours trading in New York. Its stock is trading at its lowest level in more than 20 years.
NYCB’s stock has plunged more than 50 per cent since last week, when it reported higher losses from real estate loans than investors were anticipating. NYCB could not be immediately reached for comment on the downgrade.
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