First Republic Bank's Credit Rating Continues to Plummet with Second S&P Downgrade.

S&P Global has downgraded First Republic Bank's credit rating three notches to "B-plus" from "BB-plus," and warned that another downgrade is possible. The bank's recent $30 billion deposit infusion from 11 big banks may not solve its liquidity problems. Moody's Investors Service also downgraded First Republic to junk status on Friday. The deposit infusion should ease near-term liquidity pressures, but it "may not solve the substantial business, liquidity, funding, and profitability challenges that we believe the bank is now likely facing."