Moody's gives First Republic Bank A3

Moody's Investors Service said it assigned an A3 rating to First Republic Bank for deposits and other senior obligations and a prime-2 for short-term deposits. The bank's standalone bank financial strength rating is C, which maps to a long-term deposit rating of A3.

The non-cumulative perpetual REIT preferred security issued by First Republic Preferred Capital Corp., a wholly owned subsidiary of First Republic Bank, is assigned a Baa3 rating, the agency added.

The outlook is stable.

The ratings reflect the company's solid franchise and reputation in banking affluent customers in select geographic areas, Moody's said.

The ratings also are supported by a robust financial profile, including consistent pre-provision profitability, a highly liquid balance sheet, above-average asset quality metrics and good capital ratios, the agency said.

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