First Republic Bank FRC shares fell 14.6% to a new record low on Monday. This was after the bank’s credit rating was lowered further into junk territory by S&P Global Rating. The $30B rescue package received last Friday doesn’t address the “substantial liquidity or funding problems”. S&P cut its rating for First Republic by three more notches to B+ on Sunday, four days after reducing it four notches down to BB+. This was the first speculative or junk rating to be reduced from A-. S&P stated that the $30 billion First Republic reported it would receive from 11 U.S. banks will help ease short-term liquidity problems, but may not resolve the significant business, liquidity and profitability issues that the bank faces now. S&P gave the entity a “B” rating. This means that it is more vulnerable to adverse economic, financial, and business conditions, but has the ability to meet its financial commitments. The stock closed below $20, which was below the Oct. 3 record close of $22.48.