Despite a more positive day for the market and the banking sector, shares of First Republic (NYSE: FRC) were trading down roughly 13.4% at 10:57 a.m. ET today after S&P Global once again downgraded the bank's credit.

First Republic has struggled immensely since the collapse of SVB Financial and Signature Bank because, like these banks, it has a lot of uninsured deposits and billions of unrealized losses sitting in its bond portfolio. Those losses are not nearly as bad as what SVB has had, but they are worrisome nonetheless.

The bank has been experiencing deposit outflows and has not only had to tap the Federal Reserve and Federal Home Loan Bank for liquidity but has also had to receive a $30 billion deposit injection from 11 of the largest U.S. banks. Still, S&P Global believes these measures may not be enough.

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Source Fool.com