New York, December 06, 2022 -- Moody's Investors Service (Moody's) has withdrawn the ratings and assessments of New York Community Bank and the issuer rating of Flagstar Bancorp, Inc. The rating withdrawals follow New York Community Bancorp, Inc.'s (NYCB) announcement of the completion of its merger with Flagstar Bancorp, Inc. on 1 December 2022. The ratings, assessments and outlooks of New York Community Bancorp Inc. (Baa3 issuer rating) and Flagstar Bank, NA (Baa3 issuer rating, baa2 baseline credit assessment) were unaffected.
A complete list of affected ratings and entities can be found at the end of this press release.
RATINGS RATIONALE
In conjunction with the completion of NYCB's acquisition of Flagstar Bancorp, Inc., Flagstar Bancorp, Inc. was merged into NYCB and New York Community Bank was merged into Flagstar Bank, NA. Subsequently, Flagstar Bancorp, Inc. and New York Community Bank no longer exist as separate entities. As a result, Moody's has withdrawn its ratings and assessments of New York Community Bank and the issuer rating of Flagstar Bancorp, Inc.
Flagstar Bancorp, Inc.'s subordinate debt (Baa3) was assumed by NYCB upon close of the merger.
Withdrawals:
..Issuer: New York Community Bank
.... Adjusted Baseline Credit Assessment, Withdrawn, previously rated baa2
.... Baseline Credit Assessment, Withdrawn, previously rated baa2
.... LT Counterparty Risk Assessment, Withdrawn, previously rated Baa1(cr)
.... ST Counterparty Risk Assessment, Withdrawn, previously rated P-2(cr)
.... LT Counterparty Risk Rating (Foreign), Withdrawn, previously rated Baa2
.... LT Counterparty Risk Rating (Domestic), Withdrawn, previously rated Baa2
.... ST Counterparty Risk Rating (Foreign), Withdrawn, previously rated P-2
.... ST Counterparty Risk Rating (Domestic), Withdrawn, previously rated P-2
.... LT Bank Deposit Rating (Domestic), Withdrawn, previously rated A3, Outlook Changed To Rating Withdrawn From Stable
.... ST Bank Deposit Rating (Domestic), Withdrawn, previously rated P-2
Withdrawals:
..Issuer: Flagstar Bancorp, Inc.
.... LT Issuer Rating (Domestic), Withdrawn, previously rated Baa3, Outlook Changed To Rating Withdrawn From Stable
Outlook Actions:
..Issuer: New York Community Bank
....Outlook, Changed To Rating Withdrawn From Stable
Outlook Actions:
..Issuer: Flagstar Bancorp, Inc.
....Outlook, Changed To No Outlook From Stable
REGULATORY DISCLOSURES
For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit 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 ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.
These ratings are solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website https://ratings.moodys.com.
Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.
Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://ratings.moodys.com/documents/PBC_1288235.
The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on https://ratings.moodys.com.
The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the UK and is endorsed by Moody's Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK endorsement status and on the Moody's office that issued the credit rating is available on https://ratings.moodys.com.
The below contact information is provided for information purposes only. For disclosures on the lead rating analyst and the Moody's legal entity that issued the rating, please see the issuer/deal page on https://ratings.moodys.com for each of the ratings covered.
Please see https://ratings.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 issuer/deal page on https://ratings.moodys.com for additional regulatory disclosures for each credit rating.
Stephen Lynch
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
Jill Cetina
Associate Managing Director
Financial Institutions Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653