Barclays Bank S.A. Dec 10

Standard & Poors, December 2010

Abstract
Ownership by and core status within Barclays Bank PLC. Significant weight of low-risk residential mortgages in the loan portfolio. Limited market risk. Weak profitability, severely affected by declining margins and large impairment charges. Accelerated asset quality deterioration. High single-name concentration in the real estate developer lending portfolio. Lower market share and diversification than larger nationwide players. The ratings on Spain-based Barclays Bank S.A. (BBSA) primarily reflect the bank's core status within U.K.-based Barclays Bank PLC (Barclays, AA-/Negative/A-1+). Standard & Poor's Ratings Services also views as supportive factors for the ratings the significant weight of high-quality residential mortgages in BBSA's loan portfolio, and BBSA's limited market risk. Negative rating factors include weak profitability; significant credit risk embedded in BBSA's commercial loan...

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

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