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First Republic Bank Cut to Junk by S&P, Fitch Amid Bank Turmoil

  • Lender was cut to BB+ by S&P and to BB by Fitch on Wednesday
  • First Republic and other US lenders already on Moody’s review
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US Banks Head Lower After Credit Suisse Plunge
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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 US 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 remains on credit watch negative, according to a statement Wednesday. Shortly after, Fitch cut the bank to BB from A-, a step below the S&P rating, and placed it on a negative rating watch.