Moody’s Puts First Republic, Five US Banks on Downgrade Watch

(Bloomberg) -- Moody’s Investors Service placed First Republic Bank and five other US lenders on review for downgrade, the latest sign of concern over the health of regional financial firms following the collapse of Silicon Valley Bank. Most Read from BloombergWestern Alliance Bancorp., Intrust Financial Corp., UMB Financial Corp., Zions Bancorp. and Comerica Inc. were the other lenders put on review by Moody’s. Moody’s also downgraded Signature Bank and withdrew its credit rating, following the lender’s closure over the weekend. In the case of First Republic, Moody’s said its share of deposits that exceed the Federal insurance threshold make its funding profile more sensitive to rapid, large withdrawals.