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S&P again downgrades First Republic Bank ratings By Reuters

© Reuters. FILE PHOTO: A First Republic Bank branch is pictured in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. REUTERS/Mike Segar/File Photo

(Reuters) – Credit rating agency S&P Global (NYSE:) Inc said it downgraded First Republic Bank (NYSE:)’s ratings for the second time in less than a week on Sunday.

The credit rating agency lowered First Republic’s sovereign credit ratings to “B+” from “BB+”. S&P, however, maintained its outlook at “Creditwatch Negative.”

The report comes after S&P on Wednesday downgraded the bank’s credit rating to “BB+” from “A-.”

Bloomberg News first reported on Sunday the bank would be downgraded again by S&P, citing people familiar with the matter.

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