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Fitch downgrades PacWest debt to junk status after deposit flight exceeds peers

By: MarketWatch

May 18, 2023 at 14:32 PM EDT

Fitch Ratings downgraded its long-term issuer default rating on PacWest Bancorp. to BB+ from BBB-, moving it into speculative-grade, or "junk" status.

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Fitch downgrades PacWest debt to junk status after deposit flight exceeds peers