Moody's downgraded New York Community Bank’s credit rating to junk status, citing "multi-faceted financial, risk management and governance challenges." The regional bank has been facing pressures since reporting a surprise fourth-quarter loss and dividend cut last week. Moody's expressed concerns about leadership turnover in NYCB's risk management functions "at a pivotal time" as it navigates current challenges. NYCB stated the rating action is not expected to significantly impact its business relationships.