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Research Update: Spain-Based Barclays Bank S.A. 'AA/ A-1+' Ratings Assigned, L-T On CreditWatch Negative Oct 08 Product Image

Research Update: Spain-Based Barclays Bank S.A. 'AA/ A-1+' Ratings Assigned, L-T On CreditWatch Negative Oct 08

  • Published: October 2008
  • Standard & Poors

FEATURED COMPANIES

  • Barclays Bank PLC
  • Barclays Bank S.A.
  • MORE

Abstract
On Oct. 31, 2008, Standard and Poor's Ratings Services assigned its 'AA' long-term and 'A-1+' short-term counterparty credit ratings to Spain-based Barclays Bank S.A. (BBSA). At the same time, Standard & Poor's placed the long-term ratings on CreditWatch with negative implications to mirror the CreditWatch placement on Sept. 17, 2008, of the ratings on parent Barclays Bank PLC. The ratings on BBSA are underpinned by the Spanish bank's core status within Barclays Bank PLC (Barclays Group; AA/Watch Neg/A-1+), its increasing presence across Spain, healthy asset quality in its prime residential mortgage portfolio, and limited market risk. Negative rating factors include the deterioration in the bank's loan book, namely in its real estate developer portfolio; weak efficiency levels; relatively high single-name...

Companies mentioned in this report are:
- Barclays Bank S.A.
- Barclays Bank PLC

Action: New Rating
Action: On CreditWatch:Negative

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. READ MORE >

- Barclays Bank S.A.
- Barclays Bank PLC

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