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First Republic Bank plummeted 90%! S&P Downgrades Its Rating to 'CC': Default 'Almost Certain'

新浪财经2023-05-03

On May 3, First Republic Bank plunged 90%, and S&P on TuesdayFirst Republic BankThe junk credit rating was further downgraded after regulators took over the bank and issuedJPMorgan ChaseSold its assets. S&P downgraded the bank's rating to "CC" from "B +" and said it expects First Republic's default to be "almost certain"(Note: First Republic Bank code has been changed, from FRC to FRCB. First Republic Bank is trading on pink sheet!)

S&P said that since JPMorgan Chase assumes the vast majority of First Republic's assets, it is highly likely that the bank will default on any other senior financial debt given the insufficient remaining asset base.

Standard & Poor's also downgraded First Republic Bank's subordinated debt and preferred shares's credit ratings from "B-" to "D".

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Comment4

  • StreetCat
    ·2023-07-21
    The bank is still operational and made profits just not hit expectations 
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  • NancyLuan
    ·2023-05-05
    說說你對這篇新聞的看法...
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  • JustinYuan
    ·2023-05-04
    那也不能阻擋我買入
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  • 嘞撸虎7
    ·2023-05-03
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