First Republic Bank's Credit Rating Cut Again, Stocks Tumble.
TL;DR
First Republic's stock fell by nearly 13% after S&P Global downgraded the bank's credit rating for the second time in a week, citing concerns that the $30 billion rescue package won't be enough. The rating agency lowered the bank's long-term debt rating to B+ from BB+.
Topics:businessfinance#credit-rating#finance#first-republic#rescue-package#sandp-global#stock-market
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- S&P Lowers First Republic Bank for Second Time in a Week Bloomberg Television
- Dow futures rise 20 pts; banking sector tensions remain By Investing.com Investing.com
- First Republic continues tanking, but other regional banks are rallying on Monday CNBC
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