New York, November 10, 2016 -- Moody's Investors Service says that it is continuing to review for upgrade the ratings of Astoria Financial Corporation and its lead bank subsidiary, Astoria Bank (collectively Astoria). Astoria's review was initiated on 29 October 2015 following the announcement that New York Community Bancorp, Inc. (NYCB, issuer Baa2) agreed to acquire Astoria in a stock and cash transaction. The review continues pending the completion of the acquisition of Astoria by NYCB. On 9 November 2016, NYCB announced that it does not expect to complete the merger with Astoria by the end of 2016.

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