New York, September 16, 2016 -- Moody's Investors Service ("Moody's") says that it is continuing to review for upgrade the ratings of Astoria Financial Corporation and its lead bank subsidiary, Astoria Bank (collectively Astoria). The review continues pending the completion of the acquisition of Astoria by New York Community Bancorp, Inc. (NYCB, issuer Baa2). The review was initiated on 29 October 2015 following the announcement that NYCB agreed to acquire Astoria in a stock and cash transaction expected to close in 2016. At that time, Moody's affirmed all the ratings of NYCB and its subsidiaries, including New York Community Bank, with a stable outlook.

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