S&P Global on Tuesday slashed First Republic Bank's credit rating deeper into junk territory after California banking regulators seized the U.S. lender and sold its assets.
A branch of First Republic Bank is seen after Jamie Dimon's JPMorgan Chase & Co emerged as the winner of a weekend auction of the bank in San Franciso, California, U.S. May 1, 2023. REUTERS/Hyun Joo Jincredit rating deeper into junk territory after California banking regulators seized the U.S. lender and sold its assets.On Monday, JPMorgan Chase & Co
struck a deal with the U.S. Federal Deposit Insurance Corp to take control of most of the San Francisco-based bank's assets. Since JPMorgan assumed the substantial majority of First Republic's assets, it is most likely that the lender would default on any other senior financial obligations given what would be an insufficient remaining asset base, S&P said.
S&P also lowered credit ratings on First Republic's subordinated debt and preferred stock to 'D' from 'B-.'
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