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Moodys Investors Service

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finance1 year ago

Moody's Downgrades New York Community Bancorp's Credit Rating to Junk Amid Real Estate Concerns

Moody's downgraded New York Community Bancorp's credit rating to junk status due to concerns about its exposure to struggling commercial real estate, causing a 17% drop in after-hours trading. The downgrade reflects worries about the bank's ability to repay debt holders, its funding and liquidity weaknesses, and the potential impact of uninsured deposits. The bank's market value has plummeted, and further downgrades are possible as regulators work with banks to manage risks from bad real estate loans.

via CNN|
#credit-rating-downgrade#finance#financial-stress
finance1 year ago

"NYCB Stock Plunge Continues Amid Rent Stabilized Apartment Concerns"

New York Community Bancorp's stock sank for a second day, prompting at least five Wall Street analysts to lower their recommendations and Moody’s Investors Service to review the bank’s credit rating for a downgrade. The company's surprise dividend cut, fourth-quarter loss, and provision build sparked broader concerns over issues facing the commercial real estate market and the exposure that smaller lenders have to the space, leading to a renewed rout in regional banks. The stock tumbled as much as 15% on Thursday, hitting its lowest level since 2000, and regional bank peers also followed the firm lower.

via Yahoo Finance|
#commercial-real-estate#dividend-cut#finance
economy2 years ago

US Consumer Spending Weaker Than Expected in Second Quarter

The final revision of second-quarter GDP in the US remained unchanged at an annualized rate of 2.1%, but consumer spending was revised much lower to a 0.8% annualized rate, indicating weaker economic growth. Americans reduced their spending more than previously thought, with spending on services and nondurable goods declining. Moody's Investors Service predicts that consumer spending will continue to slow in the coming months as Americans become more cautious about making purchases.

via CNN|
#consumer-spending#economic-growth#economy
business2 years ago

French Billionaire's Acquisition of CAA Poses Significant Credit Risk

Moody's Investors Service has issued a report stating that Creative Artists Agency (CAA) will face significant credit risk following the acquisition of a majority stake by French billionaire François-Henri Pinault's investment firm. The report highlights the potential financial challenges CAA may encounter due to ongoing strikes in Hollywood. However, Moody's maintains a stable outlook for the talent agency, noting that a significant portion of the revenue impact from the strikes is expected to be recovered once they are resolved. CAA's leverage is projected to increase in the near term, but Moody's anticipates a recovery in operating performance due to the continued demand for high-quality content.

via Forbes|
#business#caa#credit-risk
finance2 years ago

S&P Global Ratings Downgrades Multiple US Banks Amid Challenging Operating Conditions

S&P Global Ratings has followed Moody's Investors Service in downgrading and dimming its outlook for several US banks, citing a challenging environment for lenders. S&P lowered grades for KeyCorp, Comerica Inc., Valley National Bancorp, UMB Financial Corp., and Associated Banc-Corp, while also lowering its outlook for River City Bank and S&T Bank. The rating agency highlighted the impact of higher interest rates and deposit moves on the industry, with many depositors shifting their funds into higher-interest-bearing accounts, increasing banks' funding costs. The decline in deposits has squeezed liquidity for many banks, while the value of their securities has fallen.

via Yahoo Finance|
#deposit-moves#finance#interest-rates