S&P, Fitch downgrade First Republic Bank to junk
Both credit assessors said further downgrades are possible as the bank faces deposit outflows that could affect its liquidity profile and ramps up wholesale borrowing.
First Republic Bank was cut to junk by S&P Global Ratings and Fitch Ratings amid concern that clients pull holdings from the lender, even after U.S. regulators pledged support for the banking sector.
The California-based bank’s credit rating was lowered by S&P to BB+ from A- by, and it
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