breaking news Moody’s downgrades First Republic Bank from Baa1 to B2
According to Moody’s, the downgrade and ratings reflect “the bank’s deteriorating financial profile and the significant challenges it faces.” Adding that he is also keeping the ratings under review for a downgrade. In some context, a fall from B2 to Baa1 puts First Republic Bank’s credit profile directly into speculative and high-risk territory.
There really should be rating agencies For rating agencies themselves at this stage. They have come out of it so much since the events that led to the global financial crisis.
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