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First Republic Bank's Credit Rating Continues to Plummet Despite Infusion of Funds.

1 min read
Source: MarketWatch
First Republic Bank's Credit Rating Continues to Plummet Despite Infusion of Funds.
Photo: MarketWatch
TL;DR

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.

Topics:businessfinance#credit-rating#finance#first-republic-bank#liquidity-problems#sandp#stock-market
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  1. First Republic credit rating slashed by another 3 notches at S&P  MarketWatch
  2. First Republic shares slide 18% Monday after a credit rating downgrade  CNBC
  3. US Banks on Bumpy Path as First Republic’s Troubles Persist  Yahoo Finance
  4. S&P Lowers First Republic Bank for Second Time in a Week  Bloomberg Television
  5. S&P cuts First Republic deeper into junk, says $30 billion infusion may not solve problems  CNBC

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