First Republic stock falls in early trading after S&P cuts rating for second time
The rating agency lowered the bank's long-term issuer credit rating to B+ from BB+, having already downgraded the lender to junk last Wednesday.
First Republic Bank plunged in premarket trading Monday, missing out on a strong rebound by its regional bank peers, after S&P Global Inc. cut its credit rating for the second time in a week, warning that a $30 billion rescue deal had not resolved the lender’s challenges.
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