Moody's ups Roslyn senior debt

Moody's Investors Service said it has upgraded the senior debt of Roslyn Bancorp Inc. to Baa3 and the long-term deposit rating of Roslyn's subsidiary bank to Baa1.

The upgrade follows the acquisition of Roslyn by New York Community Bancorp, which had an issuer rating of Baa3.

The upgrade reflects the enhancements to Roslyn's credit profile as part of a more profitable institution with better loan origination capability, the ratings agency said. As a result of the acquisition, Roslyn Bancorp has been merged into New York Community Bancorp and its operating parent, The Roslyn Savings Bank, has been merged into New York Community Bank.

Separately, Moody's said the ratings of New York Community Bancorp and its subsidiaries, including ratings on the obligations assumed from Roslyn, remain on review for possible upgrade as they have been since June 27, the day the merger agreement was announced.

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