First Republic Bank downgraded to ‘junk’ by S&P on fears additional deposit flight will damage profitability

First Republic Bank absorbed debt ranking downgrades from three main bond analysis companies Wednesday as considerations mounted it’s going to endure additional deposit flight that can damage already modest profitability.

S&P Global Ratings downgraded its issuer credit standing on First Republic Bank by 4 notches to BB-plus from A-minus on Wednesday, putting it in speculative grade, or ‘junk,’ standing.

The…