Fitch Lowers New York Community Bancorp's S-T Debt to 'F3'; Remains on Watch Negative.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has lowered the Short-term debt Short-term debt Debt obligations, recorded as current liabilities, requiring payment within the year. rating for New York Community Bancorp, Inc. (NYB NYB Not Your Business ) to 'F3' from 'F2' to reflect a decline in holding company liquidity. The ratings of NYB and its subsidiaries remain on Rating Watch Negative where they were placed on July 6, 2004. A complete list of the ratings is provided below. Fitch recognizes the reduction in NYB's current exposure to interest rate volatility given its de-leveraging strategy and favorable interest rate movements over the past couple of months. However, the Negative Rating Watch reflects a need for more robust risk management processes and oversight to manage an organization that has grown exponentially in a fairly short period of time. In the near term, Fitch expects NYB to further improve policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental , especially those related to interest rate sensitivity, credit risk, liquidity and capital management. The implementation and adherence to an enhanced risk management framework, a better positioned balance sheet and continued sound financial performance, should help support current ratings. The following rating is lowered by Fitch and remains on Rating Watch Negative: New York Community Bancorp. Inc. -- Short-term debt to 'F3' from 'F2'; The following ratings remain on Rating Watch Negative: New York Community Bancorp. Inc. -- Long-term debt 'BBB'; -- Individual 'B/C'. New York Community Bank
New York Community Bank is the banking division of the publicly traded company New York Community Bancorp. -- Long-term deposits 'BBB+'; -- Long-term debt 'BBB'; -- Short-term debt 'F2'; -- Short-term deposits 'F2'; -- Individual 'B/C'. Roslyn Bancorp. Inc. -- Long-term debt 'BBB'. Roslyn Savings Bank (The) -- Long-term deposits 'BBB+'. New York Community Statutory Trust II -- Preferred Securities 'BBB-'. Roslyn Real Estate Asset Trust -- REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). preferred securities 'BBB-'. Richmond County Capital Trust -- REIT preferred securities 'BBB-'. |
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