News Column

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

June 13, 2014



NEW YORK--(BUSINESS WIRE)-- 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.

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

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=732397

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=834578

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. 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.



Fitch Ratings

Primary Analyst

Jaymin Berg, CPA, +1 212-908-0368

Analyst

Fitch Ratings, Inc.

33 Whitehall St.

New York, NY 10004

or

Secondary Analyst

Ryan Doyle, +1 212-908-9162

Director

or

Committee Chairperson

Nathan Flanders, +1 212-908-0827

Managing Director

or

Media Relations:

Brian Bertsch, +1 212-908-0549

brian.bertsch@fitchratings.com

Source: Fitch Ratings


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