New York Community Bank Tumbles Another 23 Percent on Fitch, Moody’s Downgrades

It’s deja vu all over again for the regional banks.

A screen displays the trading information for New York Community Bancorp on the floor at the New York Stock Exchange (NYSE) in New York, on Jan. 31, 2024. Brendan McDermid/Reuters

Shares of New York Community Bancorp Inc. (NYCB) tumbled 23 percent to kick off the trading week on March 4, driven this time by the stock’s downgrades from Fitch Ratings and Moody’s Investors Service.

Fitch slashed the company’s long-term issuer default rating to junk status, to BB+ from BBB-. The rating outlook was also “negative.”