Moody’s downgrade deals fresh blow to New York Community Bancorp.

New York Community Bancorp, the largest thrift bank in the US, has been dealt a fresh blow as Moody’s downgraded its credit rating to Baa3. The downgrade comes after concerns about the bank’s reliance on multifamily loans, which have been hit hard by the pandemic. Moody’s also cited New York Community Bancorp’s exposure to New York City, which has been severely impacted by the health crisis. The downgrade follows a previous downgrade by Kroll Bond Rating Agency in November.