first republic stock plummeted after two ratings firms cut the bank’s credit rating to “junk” on the risk that depositors could pull their funds from the californiabased bank on wednesday sp global lowered the bank’s credit rating into speculativegrade territory at bb down four notches from a previously the bank remains on negative credit watch the ratings firm said fitch ratings also downgraded first republic to bb from a on wednesday and put the bank on negative rating watch citing deposit concerns