First Republic Bank's Credit Downgrade Sparks Panic and Stock Tumble.
TL;DR Summary
First Republic Bank has been downgraded to junk status by S&P Global Ratings and Fitch Ratings due to concerns that clients will pull holdings from the lender, even after U.S. regulators pledged support for the banking sector. The bank's credit rating was lowered to BB+ from A-, and it remains on credit watch negative. Both creditors said further downgrades are possible as First Republic faces deposit outflows that could affect its liquidity profile and ramp up wholesale borrowing.
- First Republic Bank cut to junk status by S&P, Fitch amid bank turmoil Los Angeles Times
- First Republic Bank stock tumbles on credit downgrade and deposit worries CNN
- A bank failure, a panic, and a race to close on a home Yahoo Finance
- Confessions of a Panicked First Republic Client: Me The Epoch Times
- First Republic Bank: Buy When There Is Blood In The Street (NYSE:FRC) Seeking Alpha
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