The storm in the U.S. banking industry has spread, and market confidence has been greatly lost. Standard & Poor's and Fitch downgraded the rating of First Republic Bank of the United States.

(Reuters)

[Financial Channel/Comprehensive Report] With the collapse of Silicon Valley Bank and the financial crisis burning the banking industry, the market has also lost confidence in First Republic Bank of San Francisco. On the 15th, the bank was downgraded to "junk level", and the bank is considering a sale or other strategic options.

According to comprehensive media reports, Standard & Poor's downgraded First Republic Bank's rating from A- to BB+ on Wednesday, and it is still under negative credit watch status; Fitch lowered the bank's credit rating from A- to BB.

"In our view, the risk of deposit outflows at First Republic remains elevated despite actions by federal regulators," S&P said in its report.

Please read on...

The bank is weighing its options for adding liquidity, the people said.

The bank said it has more than $70 billion (approximately NT$2.14 trillion) of unused liquidity, and has additional lending capacity from the Federal Reserve (Fed), and can continue to use the Federal Home Loan Bank for financing, and also through JPMorgan Chase enhanced its liquidity diversification.

First Republic shares fell to a 10-year low on Wednesday, down 21%, to $31.16.

Grasp the pulse of the economy with one hand I subscribe to Free Finance Youtube channel

Already added friends, thank you

Welcome to 【Free Finance】

feel good

Already liked it, thank you.

related news