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Rating Action:

Moody's affirms New York Community (Issuer Baa2); reviews Astoria Financial (Senior Baa3) for upgrade

29 Oct 2015

New York, October 29, 2015 -- Moody's Investors Service affirmed all the ratings of New York Community Bancorp, Inc. and its subsidiaries including New York Community Bank (collectively NYCB) following the announcement that it has agreed to acquire Astoria Financial Corporation in a stock and cash transaction scheduled to close in late 2016. New York Community Bank has long- and short-term bank deposit ratings of A2 and Prime-1, respectively. Moody's also affirmed the bank's standalone baseline credit assessment (BCA) and adjusted BCA of baa1 and its Counterparty Risk (CR) Assessment of A3 (cr)/Prime-2 (cr). New York Community Bancorp, Inc. has an issuer rating of Baa2 and New York Community Capital Trust V has a preferred stock rating of Baa3 (hyb). The rating outlook is stable.

In a related action, the long- and short-term ratings of Astoria Financial Corporation and its lead bank subsidiary, Astoria Bank (collectively Astoria), were placed on review for upgrade. The bank's BCA, adjusted BCA and long-term CR Assessment were also placed on review for upgrade. The bank's short-term CR Assessment was affirmed. Astoria Bank has long- and short-term bank deposit ratings of A3 and Prime-2, respectively, a BCA and adjusted BCA of baa2, and a CR Assessment of Baa1(cr)/Prime-2(cr). Astoria Financial Corporation has a senior unsecured rating of Baa3.

RATINGS RATIONALE

The affirmation of NYCB's ratings with a stable outlook was based on Moody's view that the integration risks of the proposed acquisition of Astoria are minimal, and that NYCB should maintain its solid financial metrics. Moody's said that combining Astoria into NYCB's operations is made easier by the fact that Astoria has a similar lines of business in a similar region: multifamily commercial real estate (CRE) in the New York City area. Astoria has history of good credit quality, similar to NYCB and its core deposit base will improve NYCB's funding profile. The acquisition could reduce NYCB's funding costs while the banks' overlapping footprints should provide for cost save opportunities.

Moody's added that the acquisition is conservatively funded, primarily with equity. Additionally, NYCB simultaneously announced a balance sheet restructuring and $650 million common equity raise, meaning that NYCB's capital ratios should remain unchanged following the acquisition.

Moody's noted that the acquisition will increase NYCB's CRE concentration. CRE accounts for approximately 88% and 41% of NYCB's and Astoria's loans, respectively. For both, multifamily lending in the New York City metropolitan area accounts for at least 75% of CRE. NYCB's long-established, sound underwriting practices and the unique characteristics of the New York City market, specifically a large proportion of rent-stabilized or rent-controlled properties, partly mitigates the concentration risk.

After the acquisition is completed, Astoria's holding company and bank will be merged into NYCB's holding company and bank, respectively. As such, Moody's expects to upgrade Astoria's ratings to match those of NYCB at that time.

WHAT COULD CHANGE THE RATING UP

For NYCB's standalone BCA to get upgraded, it would need to 1) successfully diversify so as to reduce its commercial real estate exposure without significantly increasing its asset risk and 2) improve its core funding to levels comparable with peers.

For Astoria, Moody's expects to upgrade its ratings, as well as the BCA, adjusted BCA and long-term CR Assessment, immediately following the closing of the acquisition by NYCB.

WHAT COULD CHANGE THE RATING DOWN

Future downward rating pressure on NYCB's standalone BCA would emerge if there are signals that NYCB's underwriting standards are slipping, either because of looser internal practices or in response to the more competitive market. Additional sizeable acquisitions in a short time frame or missteps in the acquisition of Astoria could create downward rating pressure.

For Astoria, if the acquisition does not close, then downward movement in its standalone BCA would occur if Astoria's profitability or liquidity metrics weaken further or if we believe that rapid growth in the multifamily portfolio will lead to greater asset risk. Currently, we believe its multifamily underwriting is sufficiently sound.

The principal methodology used in these ratings was Banks published in March 2015. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Rita Sahu
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Robert Young
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's affirms New York Community (Issuer Baa2); reviews Astoria Financial (Senior Baa3) for upgrade
No Related Data.
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