Fri. 17 Mar 2023, 10:22pm ET Benzinga News, Downgrades, Analyst Ratings
Moody's Investors Service (Moody's) has today downgraded all long-term ratings and assessments of First Republic Bank (First Republic) and maintained the review for downgrade. First Republic's long-term issuer rating and local currency subordinate ratings were downgraded to B2 from Baa1, and preferred stock non-cumulative rating was downgraded to Caa1(hyb) from Baa3(hyb). The rating agency also downgraded First Republic's long term local and foreign currency counterparty risk rating to Ba2 from A3, long-term local currency bank deposit rating to Baa3 from A1, long-term counterparty risk assessment to Ba1(cr) from A2(cr), baseline credit assessment (BCA) and adjusted BCA to b1 from a3. The short-term local currency bank deposit rating and short-term counterparty risk assessment were also downgraded to P-3 and NP(cr) from P-1 and P-1(cr), respectively, and the short-term bank deposit rating remains on review for downgrade. The bank's local and foreign currency short-term counterparty risk ratings were also downgraded to NP from P-2. The outlook on the issuer rating and long-term bank deposits remain rating under review.