Moody’s Investors Service announced that it would scrutinize financial institutions for a potential downgrade of their credit rating.
On Monday, Moody’s disclosed its possible downgrades just hours after blue-chip stocks in the banking sector saw double-digit losses in the wake of theFirst Republic, the San Francisco-based lender with more than $271 billion in assets under management, saw its stock price tank by a record 62% on Monday.
First Republic Bank said it was able to weather the storm by securing financing from JPMorgan Chase and the Federal Reserve.That was despite First Republic disclosing on Sunday that it secured additional financing from JPMorgan Chase, giving it access to some $70 billion in funds. In a statement, First Republic said additional borrowing capacity from the Federal Reserve as well as that from JPMorgan had boosted the amount of liquidity it had available.
“First Republic’s capital and liquidity positions are very strong, and its capital remains well above the regulatory threshold for well-capitalized banks,” “First Republic continues to fund loans, process transactions and fully serve the needs of clients by delivering exceptional service.”
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