First Republic Bank downgraded to junk by S&P and Fitch on risk of clients pulling deposits in the wake of SVB failure

• First Republic Bank's credit ratings were cut to junk status at S&P Global and Fitch on Wednesday. 
• Each agency sees risks in depositors pulling their funds after Silicon Valley Bank's failure. 
• Fitch said First Republic's deposits hold risks in concentrating on wealthy, coastal clients. 

First Republic Bank's credit rating was cut to so-called junk status at S&P Global Ratings and Fitch Ratings on Wednesday, with the agencies citing risks that customers will withdraw funds from the San Francisco-based lender. 

The downgrades arrived during a frenzied time of trading in shares of First Republic Bank and other regional banks after last week's seizure of Silicon Valley Bank by regulators.