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Barclays Bank S.A. Cut To 'AA-' On Parent Downgrade; 'A-1+' Short-Term Affirmed; Outlook Neg
Standard & Poors, Dec 2008
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
MADRID (Standard & Poor's) Dec. 19, 2008--Standard & Poor's Ratings Services said today that it lowered its long-term counterparty credit rating on Spain-based Barclays Bank S.A. (BBSA) to 'AA-' from 'AA', following a review of the ratings on parent Barclays PLC (AA-/Negative/A-1+). The outlook is negative. At the same time, Standard & Poor's removed the long-term ratings from CreditWatch with negative implications, where they had been placed on Oct. 31, 2008. The 'A-1+' short-term counterparty credit ratings were affirmed. The rating actions mirror those taken on the parent, due to BBSA's core status within the Barclays group. 'The ratings on BBSA are underpinned by the Spanish bank's core status within Barclays Group, its increasing presence across Spain, healthy asset quality...
Companies mentioned in this report are: Barclays Bank S.A.
Action: Affirmed
Action: Downgraded
Action: Outlook: Negative
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