First Republic Shares Fall 47 Percent Following Multiple S&P Downgrades

People walk by the First Republic Bank headquarters is San Francisco, Calif., on March 13, 2023. Justin Sullivan/Getty Images

First Republic Bank’s shares tanked again on Monday, falling 47 percent and surpassing last week’s lows. The slide follows yet another downgrade in the bank’s credit rating by Standard & Poor’s, which dropped First Republic to B+ from BB+ on Sunday after first lowering it to junk status just last week.

The rating agency said the $30 billion infusion “may not solve the substantial business, liquidity, funding, and profitability challenges that we believe the bank is now likely facing.”