S&P Global Reportedly downgraded the credit ratings of Bank of the First Republic FRC deeper into junk status on Sunday and said recent $30 billion deposit infusion of 11 major banks cannot solve its liquidity problems.

What happened: S&P cut First Republic’s credit rating three notches from “BB-plus” to “B-plus”. informed that a further downgrade is possible, Reuters reported. Other ratings were also downgraded, it said. Sunday’s downgrade was the second in four days for First Republic, which previously had an “A-Minus” credit rating.

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According to S&P Global, First Republic likely faced “high liquidity stress with significant outflows” last week, suggesting it needed more deposits and increased borrowing The federal reserve, and the suspension of the common stock dividend, the report said.

First Republic shares were down 32.8% on Friday and down another 15.37% in extended trading. The stock is down over 81% over the past month.

Liquidity Pressure: S&P Global said that while the deposit infusion should alleviate short-term liquidity pressures, it “may not resolve the significant operational, liquidity, funding and profitability challenges that we believe the bank is now likely to face.”

After the downgrade, First Republic said the new deposits and cash are “well positioned to manage short-term deposit activity,” according to the Reuters report.

The comments echoed a joint statement by the four largest US banks on Thursday – JPMorgan Chase & Co JPM, Bank of America Corp BAK, Citigroup Inc C And Wells Fargo & Co WFC — who have deposited a total of $20 billion, the Reuters report said.

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