CNN —
Embattled regional bank New York Community Bancorp suffered another blow Tuesday evening as Moody’s Investors Service downgraded its credit rating to junk status.
Moody’s said the downgrade was driven by concerns about “challenges” facing New York Community Bancorp after the lender shocked Wall Street last week by revealing a surprise loss on its exposure to the struggling commercial real estate market. The downgrade dropped the bank’s credit rating two notches from its previous level, marking a substantial loss of faith about the bank’s ability to repay its debt holders.
“NYCB’s core historical commercial real estate lending,
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