The Business Times
business-time-50

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

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

      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

    Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.

    First Republic Bank

    Share with us your feedback on BT's products and services

    Feedback

    TRENDING NOW

    The generally lower price for smaller resale properties makes them more accessible to buyers priced out of new projects or larger homes.

    Easy to rent out, hard to sell: Are buyers losing interest in Singapore’s one-bedroom condos?

    The 38 officers leaving GovTech were primarily in roles structured around traditional project delivery.

    GovTech retrenches another 38 staff in second round of layoffs

    CapitaLand Investment names banking veteran Hsieh Fu Hua as independent chairman, effective Jan 1, 2027.

    Stocks to watch: Seatrium, CapitaLand Investment, Keppel DC Reit, Suntec Reit, CLCT, TSH Resources

    Construction of a 2 GW converter platform for the Netherlands’ national grid operator Tennet at Seatrium’s yard in Admiralty, Singapore.

    World’s largest offshore wind platform by Seatrium consortium on track to be completed by 2028

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More