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Fitch and S&P Global cut First Republic’s credit rating, in the latest sign of how the failure of Silicon Valley Bank is rippling across the broader US banking sector.

First Republic’s deposit concentrations “are now viewed as a ratings weakness”, Fitch said on Wednesday, as it cut its rating on the lender to BB from A- and warned of a “heightened probability” of further downgrades.

Earlier this morning, S&P downgraded First Republic’s long-term issuer credit rating to B+ from A- to BB+. All of the agency’s ratings on First Republic have been placed on “CreditWatch”, S&P said, “with negative implications”.

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