First Republic Bank saw its credit ratings downgraded deeper into junk status by S&P Global, which said the lender's recent $30-billion deposit infusion from 11 big banks may not solve its liquidity problems. S&P cut First Republic's credit rating three notches to 'B-plus' from 'BB-plus,' and warned that another downgrade is possible. Other ratings were also lowered. The agency said First Republic likely faced 'high liquidity stress with substantial outflows' last week, reflecting its need for more deposits, increased borrowings from the Federal Reserve, and the suspension of its common stock dividend.

https://business.inquirer.net/392017/sp-cuts-first-republic-deeper-into-junk-says-30-b-infusion-may-not-solve-problems

#inquirer