First Republic Bank is reportedly poised to face another downgrade by S&P Global Inc even after a group of 11 banks scrambled to stabilize it.
Its long-term issuer credit rating is expected to dip from B+ to BB+, sources told Bloomberg. The move comes after First Republic Bank's rating was bumped down from A- last week by the S&P amid growing concerns over the bank. Public disclosure of the second downgrade could come Sunday, per the report.Last week, a bevy of banks, including Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley, BNY Mellon, PNC Bank, State Street, Truist Bank, and U.S.
First Republic, the 14th-largest bank in the country, was formed in 1985 and focuses on private banking and wealth management. Much of its woes appeared to stem from parallels that investors saw between it and Silicon Valley Bank, which was taken over by federal regulators on March 10.
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