In the statement issued by S&P, it was reported that First Republic Bank’s long-term credit rating was downgraded from “A-” to “BB+”.

In the statement, it was noted that the risk of deposit outflows at First Republic Bank is believed to increase despite actions by federal regulatory agencies.

In the Fitch statement, it was indicated that First Republic Bank’s long-term credit rating was downgraded from “A-” to “BB” and its short-term rating from “F1” to “B”.

In the statement, which indicated that the bank’s credit rating remains under “negative” monitoring, it was said that the credit rating decision reflects the opinion on First Republic Bank’s funding and liquidity profile in the current environment.

First Republic Bank’s credit rating downgrades come amid growing concerns about the banking industry following the bankruptcy of Bank of Silicon Valley (SVB) and Signature Bank.

First Republic Bank shares fell more than 20 percent after credit rating downgrades.

Moody’s credit rating agency also announced yesterday that it is monitoring the credit ratings of 6 US banks, including First Republic Bank, for a possible downgrade. (AA)