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Bulletin: Astoria Financial Corp. Rating Unaffected By Freddie Mac Write-Down Sep 08
Standard & Poors, Sep 2008
Abstract
NEW YORK (Standard & Poor's) Sept. 9, 2008--Standard & Poor's Ratings Services said today there are no ratings implications for Astoria Financial Corp. (Astoria; BBB/Stable/--) in light of the company's disclosure that it will likely need to take an other-than-temporary impairment charge on its Freddie Mac preferred securities in third-quarter 2008. As of June 30, 2008, Astoria owned Freddie Mac preferred stock with a book value of $83.7 million. We expect that the write-down will be a substantial portion of the securities' book value, given the elimination of dividends and sharp decline in market value for these securities. Further, we expect that Astoria may post a small net loss during for the third quarter as a result of the write-down....
Companies mentioned in this report are: Astoria Financial Corp.,Freddie Mac
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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