Moody's downgrades NYCB bank's rating to junk bond and sinks its price even further. New York Community Bancorp, the entity that rescued Signature Bank, fights for its survival in the face of market punishment.
Moody's notes in its report financial and governance risks, including those related to the bank's risk and audit functions. The bank's shares plummeted another 22% this Tuesday, to $4.20, accumulating a drop of more than 60% in one week at the close.