Moody's downgrades Astoria

Moody's Investors Service said it lowered the long-term ratings of Astoria Financial Corp. and its subsidiaries, including its thrift subsidiary, Astoria Federal Savings and Loan Association.

The holding company's senior unsecured debt rating was lowered to Baa2 from Baa1.

The bank's standalone bank financial strength rating was downgraded to C-, which maps to Baa1 on the long-term scale, from C, which maps to A3.

Astoria's long-term deposit rating was lowered to Baa1 from A3.

The bank's short-term rating was affirmed at Prime-2.

The outlook is stable.

Moody's said the downgrade reflects Astoria's weak core profitability. This is a product of revenue declines that have not been offset by expense reductions.

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