First Republic Cut to Junk by Moody’s After $30 Billion Rescue

First Republic Bank was cut to junk by Moody’s Investors Service, a day after a $30 billion rescue that the ratings agency warned could weigh on the lender’s profit outlook.

Moody’s downgrade on Friday follows similar actions by S&P Global Ratings and Fitch Ratings, and comes just one day after the US’s biggest banks agreed to deposit $30 billion with the San Francisco-based lender. The ratings agency said it was maintaining the review for downgrade.