Barclays Bank PLC Nov 08

Standard & Poors, November 2008

Abstract
Strong positions across a number of markets supporting historically sound profitability Good diversification by business line and geography Solid funding base, underpinned by U.K. government guarantee scheme Capital position to be much strengthened pending planned capital increase Acquisition of Lehman businesses likely to further increase sensitivity to capital markets Substantial, albeit reduced, exposures to structured credit and leveraged finance risks Significant exposure to deteriorating economic fundamentals of the U.K., Spain, and South Africa Rapid expansion creates uncertainty about changing risk profile The ratings on U.K.-based Barclays Bank PLC (Barclays) reflect its sound underlying earnings generation, strong market positions, good diversification, solid funding base, and its recent and continuing improvements in its capitalization. As part of our CreditWatch resolution, we are...

Companies mentioned in this report are:
- Barclays Bank PLC
- Barclays Bank S.A.
- Absa Bank Ltd. (Unsolicited Ratings)
- Barclays Bank PLC (Australian Branch)
- Barclays Private Clients International Ltd.
- Barclays Bank Ireland PLC
- Barclays Bank Mexico S.A.
- Barclays PLC

Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

- Barclays Bank PLC
- Barclays Bank S.A.
- Absa Bank Ltd. (Unsolicited Ratings)
- Barclays Bank PLC (Australian Branch)
- Barclays Private Clients International Ltd.
- Barclays Bank Ireland PLC
- Barclays Bank Mexico S.A.
- Barclays PLC

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