© 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.