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Live news: First Republic’s credit rating cut by Fitch and S&P

Fitch and S&P World lower First Republic’s credit standing, within the newest signal of how the failure of Silicon Valley Financial institution is rippling throughout the broader US banking sector.

First Republic’s deposit concentrations “are actually considered as a scores weak point”, Fitch mentioned on Wednesday, because it lower its score on the lender to ‘BB’ from ‘A-’ and warned of a “heightened chance” of additional downgrades.

Earlier this morning, S&P downgraded First Republic’s long-term issuer credit standing to ‘B+’ from ‘A-‘ to ‘BB+’. All the company’s scores on First Republic have been positioned on “CreditWatch”, S&P mentioned, “with unfavourable implications.”