As the Federal Reserve began raising rates last year, venture capital dried up, leading startups to burn cash. Write to Candice Choi at candice.choi@wsj.comCorrections & Amplifications S&P Global Ratings downgraded First Republic’s credit rating to junk status. An earlier version of this article incorrectly said S&P downgraded First Republic’s stock to junk status. (Corrected on March 15) Separately, Credit Suisse said last week it would borrow up to 50 billion Swiss francs from the Swiss central bank. An earlier version of this article incorrectly said the bank would borrow up to 50 million Swiss francs.

Source: Wall Street Journal April 30, 2023 01:01 UTC