NYCB Bond Hits Record Low After Fitch Cut Credit Rating to Junk

New York Community Bancorp’s floating-rate bond fell to a record low Monday after Fitch downgraded the firm to junk territory and Moody’s slashed its grade by four notches.

• The note due 2028 plunged as much as 11.4 cents on the dollar to 66.75 cents, its biggest-ever drop, according to pricing source Trace
  • It was down 9.15 cents at 69 cents as of 12:55pm in New York
• Fitch dropped NYCB’s issuer default rating to BB+, one level below investment grade, on Friday while Moody’s cut its issuer rating to B3 from Ba2
  • READ: NYCB Downgraded to Junk by Fitch, as ...