Astoria Federal Savings Upgraded to A1 by Moody's; Issuer Rating of Astoria Financial Raised to A2
March 09 2007 - 9:53AM
PR Newswire (US)
LAKE SUCCESS, N.Y., March 9 /PRNewswire-FirstCall/ -- Astoria
Financial Corporation (NYSE:AF), ("Astoria"), the holding company
for Astoria Federal Savings and Loan Association ("Astoria
Federal"), announced today that Moody's Investor Services
("Moody's") upgraded Astoria Federal's deposit rating to A1, a two
notch increase from its previous deposit rating. At the same time,
Moody's raised the issuer rating of Astoria to A2 from Baa1. The
upgrade was the result of a new ratings methodology recently
implemented by Moody's, which combines the stand-alone financial
strength of banks with external support factors. Moody's indicated
that its upgrade was supported by the thrift's good core
profitability, underpinned by its superior operating efficiency and
its excellent asset quality metrics. Its franchise value is
supported by a solid retail footprint on Long Island (Queens,
Brooklyn, Nassau and Suffolk counties). Commenting on Moody's
action, George L. Engelke, Jr., Chairman, President & CEO of
Astoria stated, "The ratings increases by Moody's validate the
implementation of our business plan which continues to focus on
growing our core businesses, mortgage lending and retail banking,
limiting credit risk and strictly controlling operating expenses."
Astoria Financial Corporation, the holding company for Astoria
Federal Savings and Loan Association, with assets of $21.6 billion
is the fifth largest thrift institution in the United States.
Established in 1888, Astoria Federal is the largest thrift
depository headquartered in New York with deposits of $13.2 billion
and embraces its philosophy of Putting people first by providing
the customers and local communities it serves with quality
financial products and services through 86 convenient banking
office locations and multiple delivery channels, including its
enhanced website, http://www.astoriafederal.com/. Astoria Federal
commands the fourth largest deposit market share in the attractive
Long Island market, which includes Brooklyn, Queens, Nassau, and
Suffolk counties with a population exceeding that of 38 individual
states. Astoria Federal originates mortgage loans through its
banking offices and loan production offices in New York, an
extensive broker network covering twenty-six states, primarily the
East Coast, and the District of Columbia, and through correspondent
relationships covering forty-three states and the District of
Columbia. Forward Looking Statements This document contains a
number of forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. These statements
may be identified by the use of such words as "anticipate,"
"believe," "could," "estimate," "expect," "intend," "outlook,"
"plan," "potential," "predict," "project," "should," "will,"
"would," and similar terms and phrases, including references to
assumptions. Forward-looking statements are based on various
assumptions and analyses made by us in light of our management's
experience and its perception of historical trends, current
conditions and expected future developments, as well as other
factors we believe are appropriate under the circumstances. These
statements are not guarantees of future performance and are subject
to risks, uncertainties and other factors (many of which are beyond
our control) that could cause actual results to differ materially
from future results expressed or implied by such forward-looking
statements. These factors include, without limitation, the
following: the timing and occurrence or non- occurrence of events
may be subject to circumstances beyond our control; there may be
increases in competitive pressure among financial institutions or
from non-financial institutions; changes in the interest rate
environment may reduce interest margins or affect the value of our
investments; changes in deposit flows, loan demand or real estate
values may adversely affect our business; changes in accounting
principles, policies or guidelines may cause our financial
condition to be perceived differently; general economic conditions,
either nationally or locally in some or all of the areas in which
we do business, or conditions in the securities markets or the
banking industry may be less favorable than we currently
anticipate; legislative or regulatory changes may adversely affect
our business; applicable technological changes may be more
difficult or expensive than we anticipate; success or consummation
of new business initiatives may be more difficult or expensive than
we anticipate; or litigation or matters before regulatory agencies,
whether currently existing or commencing in the future, may be
determined adverse to us or may delay the occurrence or
non-occurrence of events longer than we anticipate. We assume no
obligation to update any forward-looking statements to reflect
events or circumstances after the date of this document.
DATASOURCE: Astoria Financial Corporation CONTACT: Peter J.
Cunningham, First Vice President, Investor Relations,
+1-516-327-7877, Web site: http://www.astoriafederal.com/ Company
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