S&P cuts rating on First Republic Bank's debt again

S&P Global cut its long-term credit rating for First Republic Bank's debt for the second time in under a week.

The rating was cut from BB+ to B+ and was kept on CreditWatch Negative, an indication that further downgrades were possible in the short-term.

On 15 March, S&P had cut the lender's rating from A- to BB+.