S&P Global Ratings downgraded its issuer credit rating on First Republic Bank by four notches to BB-plus from A-minus on Wednesday, placing it in speculative...
S&P Global Ratings downgraded its issuer credit rating on First Republic Bank FRC by four notches to BB-plus from A-minus on Wednesday, placing it in speculative grade, or ‘junk,’ status. The move come after it had put the bank on review for a downgrade late Tuesday. The agency cited concerns about increased wholesale borrowings further weighing on the regional bank’s net interest margin.
S&P Global Ratings downgraded its issuer credit rating on First Republic Bank FRC by four notches to BB-plus from A-minus on Wednesday, placing it in speculative grade, or ‘junk,’ status. The move come after it had put the bank on review for a downgrade late Tuesday. The agency cited concerns about increased wholesale borrowings further weighing on the regional bank’s net interest margin.
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