Fitch Takes Rating Action on U.S. Niche Real Estate Banks Following Industry Peer Review

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings has completed a peer review of the following companies:
Astoria Financial Corporation (AF), CapitalSource Inc. (CSE), Dime
Community Bancshares, Inc. (DCOM), Emigrant Bancorp, Inc. (EMIG), and
New York Community Bancorp, Inc. (NYCB). These companies are part of
Fitch’s niche peer group.

Fitch’s niche group is composed of banks with total assets ranging from
$4 billion to $44 billion. Issuer Default Ratings (IDRs) for this group
are relatively dispersed with a low of ‘B-‘ to a high of ‘BBB+’. Niche
banks typically employ focused strategies with limited product offerings
and limited revenue diversification. Additionally, the niche banks
generally have smaller deposit franchises than a traditional bank. As a
result, niche banks have higher loan-to-deposit ratios and elevated
funding costs. Conversely, the niche banks will have lower overhead
costs by having fewer brick and mortar retail branches.

Niche bank earnings remained relatively flat year over year despite
significant net interest margin (NIM) compression. Earnings were
supported via reserve releases and securities gains. The median NIM
declined by 44bps year over year. Typically, niche banks experience
greater NIM volatility than traditional commercial bank franchises due
to a niche bank’s smaller deposit franchise. As a result, niche banks
are more reliant on wholesale funding which is more rate sensitive.

For the most part, niche banks have enjoyed fairly good asset quality as
credit cost remained manageable through the cycle. Given the
concentrated product offerings by the niche banks, underwriting is
typically more conservative than a diversified commercial bank.

RATING ACTION AND RATIONALE

Astoria Financial Corporation (AF)

AF’s long- and short-term IDRs were affirmed at ‘BBB-/F3’. The Rating
Outlook remains Stable. This reflects growing capital levels and solid
asset quality metrics as reflected by low credit costs through the
cycle. Both NPAs and NCOs declined year over year in line with Fitch’s
expectations. AF’s ratings strength is balanced against a weak funding
profile and profitability levels that lag its rated peers. The Stable
Outlook incorporates Fitch’s view that earnings will continue to
struggle in the upcoming year while NPAs decline and capital levels
continue to grow.

CapitalSource, Inc. (CSE)

CSE’s long-term IDR was affirmed at ‘BB’ and the Rating Outlook remains
Stable. This reflects improved operating performance and the impact of
reserve releases as asset quality continues to improve. Liquidity has
strengthened due to the repayment of parent company debt and capital
ratios are solid for the rating category. The IDRs of CSE and
CapitalSource Bank (CSB) were equalized last year, reflecting the
reduction of parent company debt (see Fitch’s press release titled
‘Fitch Upgrades CapitalSource Inc., Affirms CapitalSource Bank; Outlook
Remains Stable’ on April 13, 2012).

The affirmation of CSB’s ratings reflects sufficient liquidity and solid
capitalization relative to its rating level, offset by unseasoned loan
performance of new bank originations, reliance on spread income, and a
rate sensitive deposit base. Fitch believes CSB’s planned charter
conversion and CSE’s bank holding company application will likely to be
completed in 2013. Although not anticipated, Fitch would view negatively
a withdrawal or failure to execute on the planned charter conversion.

Dime Community Bancshares, Inc. (DCOM)

DCOM’s long and short-term IDRs were affirmed at ‘BBB/F2′ The Rating
Outlook remains Stable. This affirmation reflects DCOM’s strong track
record implementing its focused multifamily lending strategy in the New
York City area as well as its solid earnings and asset quality. These
strengths are balanced against DCOM’s undiversified earnings profile,
relatively higher risk funding profile and modest franchise. The Stable
Outlook reflects Fitch’s view that Dimes’ strategy will remain
relatively unchanged in the near term and NPAs will decline, albeit at a
very moderated pace.

Emigrant Bancorp, Inc. (EMIG)

EMIG’s long-term IDR was upgraded to ‘B’ from ‘B-‘; the Outlook remains
Stable. The upgrade reflects both the continued improvement of asset
quality metrics as well as the additional capital provided by the sale
of its branch network. Fitch recognizes that the branch sale does not
constitute core earnings, and that core profitability remains a weakness
for the company. That said, the branch sale provides additional
flexibility to deal with its 2014 senior debt maturities as well as
outstanding TARP. Emigrant’s rating strengths are balanced against the
company’s elevated NPA levels, evolving business initiatives and ‘key
man’ risk in the form of the company’s chairman and CEO, Howard
Milstein. That being said, the Milstein family has contributed a
significant amount of capital to the bank over the last few years. The
Stable Outlook reflects Fitch’s expectation that EMIG will continue to
gradually reduce NPA levels while increasing core earnings in the near
term.

New York Community Bancorp, Inc. (NYCB)

NYCB’s long and short-term IDRs were affirmed at ‘BBB+/F2’; the Outlook
remains Stable. This affirmation reflects NYCB’s strong track record
implementing its focused multifamily lending strategy in the New York
City area as well as its solid asset quality. NYCB’s ratings are
balanced against a limited franchise and relatively undiversified
earnings profile. NYCB’s Stable Outlook reflects Fitch’s view that NPAs
will continue to decline while margin compression pressures earnings in
the near term.

RATING DRIVERS AND SENSITIVITIES

Astoria Financial Corporation (AF)

In the intermediate term, Fitch views interest rate risk and
profitability as AF’s biggest challenge. AF actively manages interest
rate risk by procuring term funding to limit its interest rate risk.
That said, low rates and AFs limited residential offering of 5/1 and 7/1
hybrid ARMs and fixed 15-year loans provide limited ability to grow
margins or profitability. To combat margin pressure, AF re-entered the
competitive multi-family market in New York, which currently offers
higher yields than residential mortgages.

Asset quality is a rating strength for the institution. AFs’ residential
portfolio performed relatively well throughout the credit cycle. NCOs
peaked at a relatively low 77bps in 2009. At year-end 2012, NCOs
remained low at 0.37%. NPAs, while higher than historical levels, are
manageable at 2.98% at the end of 2012. Fitch expects credit cost to
remain low while NPAs are expected to continue its slow decline as the
judicial foreclosure process limits the speed at which lenders can
resolve problem residential mortgages in New York, New Jersey and
Illinois.

Fitch believes positive rating action is unlikely in the near term given
Fitch’s expectation of near-term earnings and margin pressures. Negative
ratings actions would likely result if asset quality or capital decline
materially. Additionally, uncontrolled growth in the multi-family market
could result in negative ratings pressure.

CapitalSource, Inc. (CSE)

Fitch views favorably the overall improvement in asset quality. However,
there is risk related to the unseasoned performance of recent bank
originations as the bank loan portfolio has grown a cumulative 49% over
the last two years. Fitch notes that weakness or deterioration in the
bank portfolio beyond existing reserve and capital levels may have an
adverse effect on CapitalSource Bank (CSB) performance and possibly
generate negative ratings momentum. In addition, liquidation of the
remaining legacy loan book remains a risk, though to a lesser degree
than years past.

Loans in the parent company legacy portfolio continue to run-off,
declining to $526 million at year-end 2012 versus $972 million at
year-end 2011 and represented less than 9% of the consolidated loan
portfolio. The declining legacy loan portfolio has contributed to the
overall improvement in asset quality metrics in 2012, as NPAs and NCOs
continued to decrease year over year. Consolidated NPAs at the end of
2012 were 2.1% of average loans compared to 5.3% the previous year end.
Fitch notes that the 2012 charges-offs primarily reflect write-offs in
the legacy portfolio, and the agency expects a further decrease in NCO
levels in 2013 as the legacy portfolio continues to shrink. Cumulative
NCOs, as a percentage of average loans for the total portfolio were
1.3%, while NCOs at the bank level were 0.20% at year-end 2012.

In 2012, CSE returned to profitability and operating performance
benefited from improved NIM and lower loan loss provisioning.
Consolidated pre-tax income was $205.5 million in 2012 compared to a
pre-tax loss of $15 million in 2011. The adjusted return on assets (ROA)
in 2012, which excludes the $347 million impact of the reversal of a net
deferred tax valuation allowance, was 1.70% and compares favorably to
peers. While Operating performance has improved, but Fitch expects
performance in 2013 to be constrained by pressure on NIM as investment
and loan yields continue to contract. Further contraction in NIM beyond
current expectations and negatively affecting operating performance may
yield negative ratings momentum. Nonetheless, Fitch believes any decline
in performance would likely be in line with industry averages.

Fitch believes the company’s funding profile to be somewhat limited
since its deposit base is primarily comprised of retail time deposits,
which are generally rate-sensitive and shorter-term relative to its loan
book. Fitch believes CSB will gain additional funding flexibility over
the medium-to-longer term once the planned charter conversion and
holding company application has been approved by its regulators.
However, should the application and approval not take place, CSB’s
ratings will remain constrained due to the narrow and rate-sensitive
nature of is funding base.

CSB’s capital base is solid and of good quality relative to similarly
rated peers. Fitch believes a capital base of CSB’s current size to be
appropriate given the specialty nature of the company’s current
portfolio and residual asset quality concerns related to its remaining
legacy loan portfolio. At Dec. 31, 2012, CSB had Tier 1 leverage, Tier 1
risk-based capital and total risk based capital ratios of 13.06%, 15.24%
and 16.50%, respectively. Over the long term, CSB plans to manage total
risk based capital between 15.5% and 16%, which Fitch believes is
appropriate for its current ratings

Fitch believes positive rating momentum is limited over the near- to
medium-term due to CSE’s limited funding profile as an industrial bank
and uncertainty related to the company’s planned bank charter
conversion. In addition, the asset quality of new loans bears monitoring
and remains a near-term constraint as CSB has experienced rapid loan
growth in recent years. However, positive rating momentum could develop
over time with improved funding flexibility from longer-term deposits
post-charter conversion, combined with consistent earnings generation
and solid asset quality performance could also be viewed positively by
Fitch.

Conversely, negative rating actions could result from weakness or
deterioration in asset quality performance on the underlying portfolio
beyond existing reserve and capital levels, a decline in CSB’s
competitive positioning and inability to grow originations, or further
compression of net interest margins beyond expectations resulting in
negative operating performance. In addition, a reduction of liquidity
relative to outstanding debt and/or significant reductions in capital
levels could also yield negative rating actions.

Dime Community Bancshares, Inc. (DCOM)

Asset quality is a ratings strength for the institution. Both NPAs and
NCOs remain low at DCOM, owing to the bank’s ability to execute its core
strategy of rent-regulated, multi-family lending predominantly in DCOM’s
core market in New York City. While NPAs are higher than historical
levels, asset quality metrics compare favorably to its rated peers.

ROA declined from 1.15% to 1.01% in 2012 due to declining margins.
Reported earnings are somewhat volatile due to unplanned prepayment
income which can vary quarter to quarter. Fitch generally expects
earning will continued to be pressured in the low rate environment.

Fitch believes DCOM’s ratings are solidly situated at current levels.
Further ratings improvement is unlikely given the meaningful
concentrations in the loan portfolio and undiversified earnings profile.
Negative ratings pressure could occur if there were a significant change
to rent regulations in New York, a sharp increase in problem loans or a
significant loss of business from any of DCOM’s main commercial real
estate brokers. Additionally, although not anticipated, any significant
changes in the mix of business, either by product type or geography,
would be carefully considered by Fitch to determine any potential
ratings impact.

Emigrant Bancorp, Inc. (EMIG)

Asset quality metrics are improving, but NPAs remain stubbornly high.
NPAs are driven primarily by EMIG’s residential portfolio. Fitch expects
NPAs to remain elevated as the judicial foreclosure process limits the
speed at which lenders can resolve problem residential mortgages in New
York. That said, credit losses for this portfolio have remained
manageable as most of the mortgages have relatively low loan-to-values
(LTVs).

As the economic environment worsened during the credit cycle, EMIG
shifted its focus to commercial lending through a number of different
channels. EMIG offers a number of different commercial lending products
including fine arts lending, sports lending, CRE bridge loans and
private equity-sponsored cash flow loans. Additionally, EMIG
participates in the syndicated loan market. Each of these lending
channels has limited exposure on its own, but collectively they
represent a nearly one-fourth of the loan portfolio. Any deterioration
in these portfolios could result in negative ratings pressure.

Core earnings continue to struggle at EMIG, but the branch sale is
expected to reduce overhead costs and be net-additive to core earnings
in the near term. Fitch expects that the low interest rate environment
will keep putting pressure on earnings and margins for the foreseeable
future. To combat margin pressures, Emigrant has placed strategic focus
on building up its fee income businesses. These businesses include HPM
Partners (investment advisor/wealth management), Personal Risk
Management (insurance brokerage), NYPBT (wealth management and trust
services) and Galatioto Sports Partners (sports MA advisory boutique),
and Fiduciary Network. Fitch expects that the bank’s fee income
businesses will likely take some time to add meaningful incremental
earnings growth given the deep relationships needed in private banking
and wealth management.

Given elevated NPAs and evolving business initiatives, Fitch expects the
company will operate with elevated tangible capital ratios. Any
meaningful reduction to tangible capital levels in the near term could
place negative pressure on its current ratings. Additionally, any
deterioration to asset quality metrics could result in a ratings
downgrade. Conversely, positive ratings action could occur if core
earnings improve, asset quality strengthens and new business reach scale
in terms of profitability.

Fitch continues to rate the holding company one notch below its bank
subsidiaries due to forthcoming maturity of $200 million of senior notes
in June 2014. Emigrant’s parent, New York Private Bank Trust (NYPBT),
also has $276 million of preferred stock outstanding under the TARP. The
interest rates on EMIG’s TARP shares are scheduled to step up to a 9%
coupon from 5% in 2014. The rating of the holding company would likely
be equalized with the bank once these obligations are addressed.

New York Community Bancorp, Inc. (NYCB)

NYCB’s current ratings reflect its very favorable credit loss experience
over multiple credit cycles. Through the current cycle, NCOs peaked at
35bps and totaled just 13bps in 2012. Low losses are attributable to
NYCB’s ability to execute its core strategy of rent-regulated,
multi-family lending predominantly in NYCB’s core market in New York
City.

Earnings performance is solid. NYCB’s ROA of 1.18% compares favorably
with the niche bank group. NYCB’s profitability is a function of low
credit costs, low overhead expenses, prepayment income and mortgage
banking fees, as well as a balance sheet which has a greater percentage
of loans than most banks. Fitch expects NYCB’s profitability to face
headwinds in 2013 as the low rate environment and increasing competition
for multi-family loans pressures NIMs. While Fitch believes the quality
of the mortgage banking income and prepayment fees is generally weaker
than the core multi-family business, they do provide some degree of
earnings diversity.

Fitch believes NYCB’s ratings are solidly situated at current levels.
NYCB has limited ability to achieve ratings improvement given its
concentration to asset classes, geographies and single-name borrowers.
Further, NYCB’s limited franchise and funding profile also make positive
ratings action unlikely in the near term.

Conversely, NYCB’s ratings are highly sensitive to the multifamily
market in the New York City area. Loosening of rent-regulations in the
New York area could be a negative rating driver for the institution.
Additionally, aggressive capital management or any deterioration of
asset quality metrics could also result in negative ratings pressure.

NYCB continues to eye potential large accretive acquisitions; Fitch
would view such transactions with caution. Although NYCB has
demonstrated the ability to integrate many institutions in the past,
large acquisitions will require commensurate enhancements to risk
management and will likely make NYCB a systemically important financial
institution under Dodd-Frank.

KEY RATING DRIVERS – Support and Support Rating Floors

Niche banks have a Support Ratings of ‘5’ and Support Rating Floors of
‘NF’. Fitch believes that they are not systemically important and
therefore, the probability of support is unlikely. The IDRs and
Viability ratings (VRs) do not incorporate any external support.

RATING SENSITIVITIES – Support and Support Rating Floors

Fitch does not anticipate changes to the Support Ratings or Support
Rating Floors given size and the lack of systemic importance of the
niche bank group.

KEY RATING DRIVERS – Subordinated Debt and Other Hybrid Securities:

Subordinated debt and other hybrid capital issued by the trust banks and
by various issuing vehicles are all notched down from the holding
company or its bank subsidiaries’ VRs in accordance with Fitch’s
assessment of each instrument’s respective nonperformance and relative
loss severity risk profiles.

RATING SENSITIVITIES – Subordinated Debt and Other Hybrid Securities:

Ratings are primarily sensitive to any change in the VRs, where the
notching would be realigned in conjunction with any change in the VR.

KEY RATING DRIVERS – Subsidiary and Affiliated Company Rating:

The IDRs and VRs of AF, CSE, DCOM and NYCB are core to each company’s
business and therefore IDRs and VRs are equalized across the group.
Fitch continues to rate EMIG one notch below its Emigrant Bank
subsidiary due to forthcoming maturity of $200 million of senior notes
in June 2014 in addition to outstanding TARP monies from the U.S.
department of treasury.

RATING SENSITIVITIES – Subsidiary and Affiliated Company Rating:

Ratings are primarily sensitive to any change in the VRs of the
associated bank subsidiaries

Fitch has upgraded the following ratings with a Stable Outlook.

Emigrant Bancorp Inc:

–Long-term IDR to ‘B’ from ‘B-‘,

–Viability Rating to ‘b’ from ‘b-‘.

Emigrant Bank

–Long-term IDR to ‘B+’ from ‘B’,

–Viability Rating to ‘b+’ from ‘b’;

–Long-term Deposits to ‘BB- ‘ from ‘B+/RR3’.

Emigrant Mercantile Bank

–Long-term IDR to ‘B+’ from ‘B’.

Fitch has affirmed the following ratings:

Emigrant Bancorp Inc:

–Short-Term IDR at ‘B’

–Senior Debt at ‘CCC/RR6’;

–Support at ‘5’;

–Support Floor at ‘NF’.

Emigrant Bank

–Short-Term IDR at ‘B’;

–Short-Term Deposits at ‘B’;

–Support at ‘5’;

–Support Floor at ‘NF’.

Emigrant Mercantile Bank

–Short-Term IDR at ‘B’;

–Support at ‘5’;

–Support Floor at ‘NF’.

Emigrant Capital Trust I

Emigrant Capital Trust II

–Preferred Stock at ‘CC/RR6’.

Following the merger into Emigrant Bank, Fitch has withdrawn the ratings
for the following:

Emigrant Savings Bank – Bronx/Westchester

–Long-term IDR at ‘B’,

–Viability Rating at ‘b’;

–Long-term Deposits at ‘B+/RR3’;

–Short-Term IDR at ‘B’;

–Short-Term Deposits at ‘B’;

–Support at ‘5’;

–Support Floor at ‘NF’.

Emigrant Savings Bank – Brooklyn/Queens

–Long-term IDR at ‘B’,

–Viability Rating at ‘b’;

–Long-term Deposits at ‘B+/RR3’;

–Short-Term IDR at ‘B’;

–Short-Term Deposits at ‘B’;

–Support at ‘5’;

–Support Floor at ‘NF’.

Emigrant Savings Bank – Manhattan

–Long-term at ‘B’,

–Viability Rating at ‘b’;

–Long-term Deposits at ‘B+/RR3’;

–Short-Term IDR at ‘B’;

–Short-Term Deposits at ‘B’;

–Support at ‘5’;

–Support Floor at ‘NF’.

Emigrant Savings Bank – Long Island

–Long-term IDR at ‘B’,

–Viability Rating at ‘b’;

–Long-term Deposits at ‘B+/RR3’;

–Short-Term IDR at ‘B’;

–Short-Term Deposits at ‘B’;

–Support at ‘5’;

–Support Floor at ‘NF’.

Fitch has affirmed the following ratings with a Stable Outlook:

Astoria Financial Corp.

–Long-Term IDR at ‘BBB-‘;

–Short-Term IDR at ‘F3’;

–Viability rating at ‘bbb-‘;

–Senior unsecured at ‘BBB-‘;

–Support at ‘5’;

–Support Floor at ‘NF’.

–Preferred Stock at ‘B’.

Astoria Federal Savings Loan

–Long-Term IDR at ‘BBB-‘

–Long-term Deposits at ‘BBB’;

–Short-Term IDR at ‘F3’;

–Viability rating at ‘bbb-‘.

–Short-Term Deposits at ‘F2’;

–Support at ‘5’;

–Support Floor at ‘NF’.

Astoria Capital Trust I

–Preferred stock at ‘B+’.

CapitalSource Inc.

–Long-term IDR at ‘BB’.

CapitalSource Bank

–Long-term IDR at ‘BB’;

–Short-term IDR at ‘B;.

–Viability Rating at ‘bb’;

–Support at ‘5’;

–Support Floor at ‘NF’;

–Short-term deposits at ‘B’;

–Long-term deposits at ‘BB+’.

Dime Community Bancshares, Inc.

–Long-term IDR at ‘BBB’;

–Short-term IDR at ‘F2’;

–Viability rating at ‘bbb’;

–Support at ‘5’;

–Support Floor at ‘NF’.

Dime Savings Bank of Williamsburgh

–Long-term IDR at ‘BBB’;

–Long-term Deposits at ‘BBB+’;

–Short-Term IDR at ‘F2’;

–Short-Term Deposits at ‘F2’;

–Viability rating at ‘bbb’.

–Support at ‘5’;

–Support Floor at ‘NF’.

Dime Community Capital Trust I

–Trust Preferred at ‘BB-‘.

New York Community Bancorp

–Long-term IDR at ‘BBB+’;

–Viability rating at ‘bbb+’;

–Short-term IDR at ‘F2’;

–Support at ‘5’;

–Support floor at ‘NF’.

New York Community Bank

–Long-term IDR at ‘BBB+’;

–Long-term deposits at ‘A-‘;

–Viability rating at ‘bbb+’;

–Short-term IDR at ‘F2’;

–Support at ‘5’;

–Support floor at ‘NF’;

–Short-term deposits at ‘F2’.

New York Commercial Bank

–Long-term IDR at ‘BBB+’;

–Long-term deposits at ‘A-‘;

–Viability rating at ‘bbb+’.

–Short-term IDR at ‘F2’;

–Support at ‘5’;

–Support floor at ‘NF’;

–Short-Term deposits at ‘F2’.

Richmond County Capital Corporation

–Preferred stock at ‘BB-‘.

Additional information is available at ‘www.fitchratings.com‘.
The ratings above were solicited by, or on behalf of, the issuer, and
therefore, Fitch has been compensated for the provision of the ratings.

In addition to the source(s) of information identified in Fitch’s Master
Criteria, these actions were additionally informed by information
provided by the companies. Note: Dime Community Bancshares, Inc (DCOM);
The issuer did not participate in the rating process, or provide
additional information, beyond the issuer’s available public disclosure.

Applicable Criteria and Related Research:

–‘Risk Radar’ (Apr. 04, 2013)

–U.S. Banking Quarterly Comment (Feb. 21, 2013)

–U.S. Housing Finance GSEs: Where to from Here (Feb. 28, 2013)

–‘U.S. Banks: Rationalizing the Branch Network (Witness the Incredible
Shrinking Branch Network)’ (Sept. 17, 2012)

–‘Global Financial Institutions Rating Criteria’ (Aug. 15, 2012);

–‘Treatment of Unrealized Losses in U.S. Bank Capital Rule Proposal
(Pro-Cyclical Capital Policy to Create Greater Capital Volatility for
Banks)’ (Aug. 7, 2012);

–‘Rating FI Subsidiaries and Holding Companies’ (Aug. 10, 2012);

–‘Assessing and Rating Bank Subordinated and Hybrid Securities’ (Dec.
05, 2012);

–Recovery Ratings for Financial Institutions (Aug. 12, 2012)

Applicable Criteria and Related Research

Recovery Ratings for Financial Institutions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=686295

Assessing and Rating Bank Subordinated and Hybrid Securities

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=695542

Rating FI Subsidiaries and Holding Companies

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679209

Treatment of Unrealized Losses in U.S. Bank Capital Rule Proposal
(Pro-Cyclical Capital Policy to Create Greater Capital Volatility for
Banks)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=685638

Global Financial Institutions Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=686181

U.S. Banks: Rationalizing the Branch Network (Witness the Incredible
Shrinking Branch Network)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=688330

U.S. Housing Finance GSEs: Where to from Here

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=700032

U.S. Banking Quarterly Comment: 4Q12

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=701972

Risk Radar Update

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=699014

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Fitch Ratings
Primary Analyst
Jaymin Berg, CPA (Primary Analyst for AF, EMIG, DCOM and NYCB), +1-212-908-0368
Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Johann Juan (Primary Analyst for CSE), +1-312-368-3339
Director
Fitch Ratings
70 West Madison Street
Chicago, IL 60602
or
Doriana Gamboa (Secondary Analyst for NYCB, DCOM), +1-212-908-0865
Director
or
Ilya Ivashkov, CFA (Secondary Analyst for AF, EMIG), +1-212-908-0769
Director
or
Paul D Ryndak, CFA (Secondary Analyst for CSE), +312-368-3194
Director
or
Committee Chairperson
Christopher Wolfe, +1-212-908-0771
Managing Director
or
Media Relations
Brian Bertsch, +1-212-908-0549 (New York)
[email protected]