First Republic Bank faces second S&P downgrade despite $30 billion infusion.

First Republic Bank has been downgraded for the second time in a week by S&P Global, with its long-term issuer credit rating lowered to B+ from BB+. The ratings firm had cut the lender to junk just days earlier. S&P said the bank's rating "remains on CreditWatch negative, indicating we could lower the rating further if the bank is unable to demonstrate some progress in stabilizing deposits and recovering the franchise value that, in our view, have likely eroded."