New York Community (NYCB) Rating Downgraded to BB by Fitch [Yahoo! Finance]
S&P Global Inc. (SPGI)
Last s&p global inc. earnings: 4/28 07:10 am
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Source: Yahoo! Finance
Nonetheless, the rating outlook remains stable. The primary reasons behind the downgrade were NYCB's weak earnings and profitability, along with execution risk associated with its restructuring plan. Principal Factors Driving the Downgrade Declining Profitability : The rating downgrade comes after the release of its first-quarter earnings. Results showed a significant rise in provisions, higher funding costs and elevated nonrecurring expenses, which are expected to affect near-term earnings. The result affected the profitability, leading to a net loss in the first quarter of 2024. The bank is not expected to return to a normal level of profitability until 2026. Transforming Business Profile : NYCB's recent hires show an executive team who have experience consistent with a Category IV bank. This new team will help implement procedures and controls appropriate for a bank of its size. Although management has outlined a credible restructuring plan, the improvement of NYCB's credit
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SPGI
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- 5/17/24 - Form 4
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- SPGI's page on the SEC website