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Fitch: Astoria to negative
Fitch Ratings said it affirmed Astoria Financial Corp.'s long- and short-term issuer default ratings at BBB- and F3, respectively.
Concurrently, the outlook has been revised to negative from stable.
The outlook revision reflects relatively weak financial performance in comparison to similarly rated peers, stagnant asset quality metrics as well as the 4Q12 maturity of $250 million of senior notes at the parent company, the agency said.
Conversely, the rating affirmation recognizes Astoria Financial's favorable loss experience and ability to remain profitable through the current credit cycle even as many banks have recorded losses, Fitch said.
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