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S&P slashes First Republic Bank’s ratings to ‘CC’

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Published Wed, May 3, 2023 · 10:54 AM
    • S&P cut First Republic Bank's credit rating to ‘CC’ and said it expects default to be a “virtual certainty.”
    • S&P cut First Republic Bank's credit rating to ‘CC’ and said it expects default to be a “virtual certainty.” PHOTO: AFP

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      S&P Global on Tuesday slashed First Republic Bank’s credit rating deeper into junk territory after the US lender was closed by California banking regulators.

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

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