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Barclays Bank Ratings Unaffected By 2008 Results Feb 09
Standard & Poors, Feb 2009
Abstract
LONDON (Standard & Poor's) Feb. 11, 2009--Standard & Poor's Ratings Services said today that its ratings and outlook on Barclays Bank PLC (AA-/Negative/A-1+) are unaffected by Barclays' full-year results for 2008, announced on Feb. 9, 2009. The announcement said that stated pretax profits of -6.1 billion for 2008 included a number of nonrecurring items, notably a -2.3 billion gain on the acquisition of certain former Lehman Brothers Inc. businesses, -1.7 billion of gains on Barclays' own credit spreads, and various gains on sale of -0.6 billion. Markdowns on credit market assets, net of hedges and associated income, totaled -6.6 billion for the year, of which -2.8 billion was in the first half of the year. The substantial markdowns are broadly...
Companies mentioned in this report are: Barclays Bank PLC,Barclays PLC
Action: General Comment
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.
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