Moody's could cut New York Community Bancorp

Moody's Investors Service said it placed the ratings of New York Community Bancorp, Inc. and its savings bank subsidiary, New York Community Bank, on review for possible downgrade.

New York Community Bank is rated C+ for bank financial strength, which maps to A2 on the long-term scale and A2 for long-term deposits. The bank's Prime-1 short-term deposit rating was also placed on review.

Moody's said the review will focus on New York Community's long-term growth plans and the potential impact of such plans on its underwriting discipline. The bank's franchise is centered on financing apartment buildings in the metropolitan New York City area, which has resulted in significant asset concentration, the agency said.

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