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S&P affirms ratings for Astoria Financial, unit; removes CreditWatch developing

S&P Global Ratings on June 2 affirmed its BBB- issuer credit rating on Astoria Financial Corp., reflecting its view that the Lake Success, N.Y.-based company's plan to be acquired by Sterling Bancorp will not affect the rating agency's currently low investment-grade ratings on Astoria.

Also, the rating agency affirmed its BBB/A-2 issuer credit ratings on Astoria Financial unit Astoria Bank.

S&P removed the ratings from CreditWatch with developing implications.

The outlook on the long-term ratings is stable, reflecting S&P's view that the merged company will maintain strong risk-adjusted capital ratios and good loan credit quality and adequately manage integration risks, and a base-case expectation that the deal will close.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.