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| Prospect News home > News index > List of issuers J > Headlines for JPMorgan Chase Bank, NA > News item |
Fitch cuts, pulls First Republic
Fitch Ratings said it downgraded First Republic Bank's long-term issuer default rating to D from B/rating watch negative following the May 1, 2023 announcement of its closure by the California Department of Financial Protection and Innovation, and appointment of the Federal Deposit Insurance Corp. as receiver.
As part of the announcement, the FDIC and JPMorgan Chase Bank, NA entered into a purchase and assumption agreement with the FDIC to assume all of the deposits and substantially all of the assets of First Republic Bank.
Fitch said it is withdrawing its First Republic Bank ratings and will no longer cover it.
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