: First Republic Bank downgraded to ‘junk’ by S&P and Fitch on fears further deposit flight will hurt profitability

by | Mar 15, 2023 | Stock Market

First Republic Bank absorbed debt rating downgrades from two bond rating firms Wednesday, as concerns mounted it will suffer further deposit flight that will hurt its already modest profitability. S&P Global Ratings downgraded its issuer credit rating on First Republic Bank by four notches to BB-plus from A-minus, placing it in speculative grade, or ‘junk,’ status, in a move that came just hours after it put the bank’s debt on review. Fitch…

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