First Republic Bank's Credit Rating Continues to Plummet Despite Infusion of Funds.
TL;DR Summary
First Republic Bank's credit rating was slashed by S&P Global Ratings by three notches to B+ from BB+ due to liquidity problems, despite receiving a $30bn rescue package from 11 large US banks. The bank's stock dropped 20% in premarket trading, putting it on track to open below the record low close of $22.48. Moody's Investors Service also cut its credit rating on First Republic Bank by four notches to junk on Friday.
- First Republic credit rating slashed by another 3 notches at S&P MarketWatch
- First Republic shares slide 18% Monday after a credit rating downgrade CNBC
- US Banks on Bumpy Path as First Republic’s Troubles Persist Yahoo Finance
- S&P Lowers First Republic Bank for Second Time in a Week Bloomberg Television
- S&P cuts First Republic deeper into junk, says $30 billion infusion may not solve problems CNBC
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