{"id":1901037,"date":"2023-03-19T17:28:03","date_gmt":"2023-03-19T21:28:03","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/first-republic-likely-to-weather-second-sp-downgrade-within-a-week-report\/"},"modified":"2023-03-19T17:29:19","modified_gmt":"2023-03-19T21:29:19","slug":"first-republic-likely-to-weather-second-sp-downgrade-within-a-week-report","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/first-republic-likely-to-weather-second-sp-downgrade-within-a-week-report\/","title":{"rendered":"First Republic likely to weather second S&amp;P downgrade within a week: Report"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ffirst-republic-likely-to-weather-second-sp-downgrade-within-a-week-report%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1901037&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div class=\"col-12 col-md-7 col-lg-8 col-xl-9 float-left body colgap-l-50\" itemprop=\"mainEntityOfPage\">\n<div class=\"ArticlePage-articleBodyWrapper\">\n<div class=\"ArticlePage-articleBody\" itemprop=\"articleBody\">\n<div class=\"RichTextArticleBody\">\n<div class=\"RichTextArticleBody-body\">\n<div class=\"Enhancement\">\n<div class=\"Enhancement-item\">\n<div id=\"Brid_79004943\" class=\"brid\" style=\"width:16; height:9;\" itemprop=\"video\" itemscope itemtype=\"http:\/\/schema.org\/VideoObject\">\n                        <meta itemprop=\"name\" content=\"$30 billion rescue of First Republic Bank announced by major banks\"><br \/>\n                        <meta itemprop=\"description\" content=\"A group of banks announced a $30 billion rescue of First Republic Bank on Thursday afternoon as part of efforts to stabilize the market. The rescue includes uninsured deposits ranging from $1 billion to $5 billion from 11 different banks, the institutions confirmed in a joint statement.\"><br \/>\n                        <meta itemprop=\"duration\" content=\"PT1M43S\"><br \/>\n                        <meta itemprop=\"uploadDate\" content=\"2023-03-16 22:14:54\"><br \/>\n                        <meta itemprop=\"thumbnailURL\" content=\"https:\/\/cdn.brid.tv\/live\/partners\/19383\/snapshot\/1264063_th_1679004937.jpg\"><br \/>\n                        <meta itemprop=\"contentUrl\" content=\"https:\/\/cdn.brid.tv\/live\/partners\/19383\/sd\/1264063.mp4\">\n                     <\/div>\n<p>                     <script type=\"text\/javascript\"> var _bp=_bp||[]; _bp.push({ \"div\": \"Brid_79004943\", \"obj\": {\"id\":\"27789\",\"width\":\"16\",\"height\":\"9\",\"video\":\"1264063\"} }); <\/script><br \/>\n                     <script type=\"text\/javascript\" async src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script>\n                  <\/div>\n<\/p><\/div>\n<p>First Republic Bank is expected to face a second downgrade by S&#038;P Global Inc despite a $30 billion rescue from a group of 11 banks, according to sources cited by <em>Bloomberg<\/em>.<\/p>\n<p>The bank&#8217;s long-term issuer credit rating is predicted to drop from B+ to BB+, after being downgraded to A- last week by the same agency, citing increasing concerns over the bank. The second downgrade may be publicly disclosed on Sunday.<\/p>\n<p>Last week, major banks including Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley, BNY Mellon, PNC Bank, State Street, Truist Bank, and U.S. Bank, announced plans to inject $30 billion into the First Republic Bank to help it recover from a difficult situation.<\/p>\n<p>Despite the assistance, nearly 71% of the bank&#8217;s value evaporated last week. Federal officials helped coordinate the rescue after much of the bank&#8217;s woes appeared to stem from similarities with Silicon Valley Bank, which was taken over by federal regulators on March 10.<\/p>\n<p>First Republic Bank, which focuses on private banking and wealth management, is the 14th-largest bank in the United States.<\/p>\n<p>According to <em>CNN<\/em>, almost two-thirds of First Republic&#8217;s deposits were uninsured, although depositors were assured by the government that they would have access to their money in the case of collapse.<\/p>\n<p>Market uncertainty surrounding the Silicon Valley Bank collapse has affected other banks, such as Swiss lender Credit Suisse, and has intensified pre-existing problems, as reported by the <em>Washington Examiner<\/em>.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<p><\/p>\n<hr>\n<p>&#8220;Read More From <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/economy\/first-republic-likely-second-rating-downgrade\">First Republic likely to weather second S&#038;P downgrade within a week: Report<\/a>&#8221;<\/p>\n<hr>\n<p><span style=\"font-size:11px\"><em>&#8220;The views and opinions expressed here are solely those of the author of the article and not necessarily shared or endorsed by Conservative News Daily&#8221;<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>First Republic Bank is reportedly poised to face another downgrade by S&amp;P Global Inc even after a group of 11 banks scrambled to stabilize it. Its long-term issuer credit rating is expected to dip from B+ to BB+, sources told Bloomberg. The move comes after First Republic Bank&#8217;s rating was bumped down from A- last<\/p>\n","protected":false},"author":1,"featured_media":1901038,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[21357,3819,9116,12627,3832,3912],"class_list":["post-1901037","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-downgrade","tag-report","tag-republic","tag-sp","tag-weather","tag-week"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1901037","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1901037"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1901037\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1901038"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1901037"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1901037"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1901037"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}