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Fitch Rates First Republic Bank's Senior Note Issuance 'A-'
June 13, 2014 / 5:12 PM / 3 years ago

Fitch Rates First Republic Bank's Senior Note Issuance 'A-'

(The following statement was released by the rating agency) NEW YORK, June 13 (Fitch) Fitch Ratings assigns an 'A-' rating to First Republic Bank's $400 million senior note offering. The senior notes mature on June 17, 2019 and have a coupon set at 2.375%. The notes will be used for general corporate purposes. KEY RATING DRIVERs - SENIOR NOTES The senior notes represent senior unsecured obligations of First Republic Bank, and therefore, the ratings of the senior notes are equalized with the bank's Issuer Default Rating of 'A-'. RATING SENSITIVITIES - SENIOR NOTES Given that the senior notes are aligned with First Republic Bank's long-term IDR, any changes to the bank's long-term IDR will impact the rating of the senior notes. First Republic Bank's Rating Outlook is Stable, although the bank's long-term IDR could be pressured if liquidity risk increases significantly, asset quality deteriorates, or if key markets such as San Francisco experience significant economic weakness. Conversely, Fitch views positive ratings momentum as unlikely given the company's geographic concentrations. Contact: Primary Analyst Jaymin Berg, CPA Analyst +1-212-908-0368 Fitch Ratings, Inc. 33 Whitehall St. New York, NY 10004 Secondary Analyst Ryan Doyle Director +1-212-908-9162 Committee Chairperson Nathan Flanders Managing Director +1-212-908-0827 Media Relations: Brian Bertsch, New York, Tel: +1 212-908-0549, Email: brian.bertsch@fitchratings.com. Additional information is available at 'www.fitchratings.com.' Applicable Criteria and Related Research: --'Global Financial Institutions Rating Criteria' (Jan. 31, 2014). Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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