S&P cut its credit rating to B+ from BB+ on Sunday after first lowering it to junk status just last week.
agreed to deposit $30 billion
in First Republic to shore up confidence in regional banks. But the bank also suspended its dividend and said it had just about $34 billion in cash through March 15, not counting the new deposits. "The deposit infusion from 11 U.S. banks, the company's disclosure that borrowings from the Fed range from $20 billion to $109 billion and borrowings from the Federal Home Loan Bank increased by $10 billion, and the suspension of its common stock dividend collectively lead us to the view that the bank was likely under high liquidity stress with substantial deposit outflows over the past week," stated S&P in its note Sunday.
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