Moody's downgrades First Republic Bank and will withdraw the ratings
Moody's Investors Service (Moody's) has today downgraded the ratings of First Republic Bank (First Republic). First Republic's long-term issuer ratings and local currency subordinate ratings were downgraded to C from B2, and the preferred stock non-cumulative rating was downgraded to C(hyb) from Ca(...First Republic Bank is a commercial bank and trust company. The company conducts its business through two reportable business segments: Commercial Banking and Wealth Management. The principal business activities of the Commercial Banking segment are accepting funds from the general public, originating loans (primarily real estate secured mortgage loans) and investing in investment securities. Wealth Management segment consists of subsidiary First Republic Investment Management, Inc.; the company's money market mutual fund activities through third-party providers and the brokerage activities of First Republic Securities Company, LLC; the Trust Company; and the company's foreign exchange activities.
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