Business Services Industry
USA: MOODY'S AFFIRMS AAA BANK DEPOSIT RATING OF FEDERAL HOME LOAN BANK OF NEW YORK.
IPR Strategic Business Information Database, September, 2003
Moody's Affirms Aaa Bank Deposit Rating of Federal Home Loan Bank of New York Moody's Investors Service has affirmed its Aaa bank deposit and Prime-1 short-term deposit ratings of the Federal Home Loan Bank of New York (FHLBNY). These ratings affirmations were in response to FHLBNY's recent sale of $1.033 billion face amount of all uninsured bonds collateralized by manufactured housing receivables.
These long-term investment securities sales resulted in a realized loss of approximately $183 million. In addition, the FHLBNY has decided to not pay its regular quarterly dividend in October 2003. The FHLBNY also announced in a September 24, 2003 letter to stockholders that it is delaying the implementation of its new capital plan which was planned for...
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