First Republic Bank downgraded to “junk” by S&P.

“According to the latest reports, S&P has downgraded First Republic Bank’s rating to “junk.” S&P analysts Nicholas Wetzel and Rian Pressman wrote:

“The bank’s business position will suffer after the volatile swings in its stock price and heightened media attention surrounding deposit volatility. Its business stability has weakened as market perceptions of its creditworthiness have declined.”

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