Connect with us

Hi, what are you looking for?

Top Stories

Editor's Pick

S&P cuts First Republic’s credit rating, says default a ‘virtual certainty’

REUTERS/David ‘Dee’ Delgado

S&P Global on Tuesday slashed First Republic Bank’s credit rating deeper into junk territory after California banking regulators seized the US lender and sold its assets.

S&P cut its rating to ‘CC’ from ‘B+’ and said it expects default to be a “virtual certainty”.

On Monday, JPMorgan Chase & Co. struck a deal with the US Federal Deposit Insurance Corp (FDIC) 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-.’ – Reuters

You May Also Like

Editor's Pick

THE BOARD of directors of Ayala-led ACEN Corp. has approved the availing of credit facilities amounting to about P7.8 billion from two financial institutions....

Editor's Pick

STOCK PHOTO Image by StockSnap from Pixabay HYDERABAD – When Saloni Singh was little, she would beg then brawl with her brother for a turn on...

Editor's Pick

MPIC Metro Pacific Investments Corp. (MPIC) reported on Wednesday a consolidated core net income of P4.3 billion in the first quarter, up 38% from...


<?xml encoding=”utf-8″ ??> The UK has agreed landmark post-Brexit trade deals with Australia and New Zealand to unleash British businesses and deliver on the...

Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Secrets Of Richdads. All Rights Reserved.