S&P rates Flagstar Bank BBB-

S&P said it assigned its BBB- issuer credit rating to Flagstar Bank NA and affirmed its BB+ issuer credit rating on New York Community Bancorp. The outlook is positive. The agency also withdrew its BBB- issuer credit rating on New York Community Bank, which was merged into Flagstar Bancorp concurrent with the closing of the merger.

“We expect the consolidated organization will have broader revenue, product, and geographic diversification, which supports our positive outlook. The acquisition expands NYCB's presence into Michigan, Ohio, Indiana, Wisconsin, and California, and adds national business lines, including mortgage and mortgage warehouse lending. The addition of Flagstar should also substantially improve the contribution of noninterest revenue to total revenue (38% pro forma for the first nine months of 2022 versus 4% for legacy NYCB),” the agency said in a press release.

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