Moody's on Feb. 16 affirmed San Francisco-based First Republic Bank's long-term issuer rating and senior unsecured debt rating of Baa1.

It also affirmed the bank's long-term deposit rating of A1, short-term deposit rating of P-1 and subordinated debt rating of Baa1.

The rating agency affirmed First Republic Bank's noncumulative preferred stock rating of Baa3(hyb).

The bank's baseline credit assessment is affirmed at a3 and long-term counterparty risk assessments affirmed at A2(cr), by the rating agency.

The outlook for all the ratings is stable.

Moody's said the affirmations reflect the bank's sustainability of a "niche business model focused on banking affluent households in addition to commercial businesses in select coastal urban markets."