First Republic Bank downgraded to 'junk' by S&P on risk of deposit flight

First Republic Bank absorbed debt rating downgrades from three major bond research firms Wednesday as concerns mounted it will suffer further deposit flight that will hurt already modest profitability.

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 grade, or ‘junk,’ status.

The…

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