First Republic Bank (FRC.US) stock cratered 23% as turmoil surrounding Credit Suisse rattled the broader banking sector, especially smaller banks. Also the bank's credit rating was downgraded by two major rating agencies. S&P Global Ratings downgraded its debt rating to BB+ from A- amid worries that depositors could withdraw their funds despite the federal intervention.
At the same time Fitch downgraded the regional bank to "BB" from "A-", as funding and liquidity profile has changed and represents a "weakest link" relative to other rating factors.
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First Republic Bank (FRC.US) stock price fell sharply following the downgrades and erased a large chunk of yesterday's gains. Nevertheless as long as price sits above the recent all-time low at $8.40, then another upward impulse may be launched. Source: xStation5
