Moody's: First Republic Baa3

Moody's Investors Service said it assigned a Baa3 rating to the non-cumulative preferred stock to be issued by First Republic Bank.

At the same time, Moody's affirmed First Republic's other ratings, which are A3 for long-term deposits and other senior obligations, Prime-2 for short-term deposits, and C for stand-alone bank financial strength, which maps to A3 on Moody's long-term scale.

The outlook is stable.

Moody's said the ratings of First Republic Bank reflect its well-established niche franchise serving high net worth clients that results in good financial performance.

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