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.
