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Moody's cuts Astoria Financial outlook to negative
Moody's Investors Service said it changed the outlook on Astoria Financial Corp. (issuer at A2) and its subsidiary, Astoria Capital Trust I (trust preferred at A3), to negative from stable.
At the same time, Moody's said it affirmed the ratings of Astoria Savings & Loan Association (deposits at A1) and maintained the stable outlook on that entity.
Moody's said the outlook changes on Astoria Financial Corp. and Astoria Capital Trust I reflect the view that Astoria Financial's share buybacks have weakened the credit profile of the holding company.
Furthermore, continuation of such buybacks in excess of an amount needed to maintain adequate capital ratios would increase the credit risk being assumed by holders of debt issued by Astoria Financial and the trust preferred securities issued by Astoria Capital Trust I, Moody's said.
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