S&P again downgrades First Republic Bank ratings


(Reuters) – Credit rating agency S&P Global Inc said it downgraded First Republic Bank’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.

(Reporting by Anirudh Saligrama in Bengaluru; Editing by Chris Reese)