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Barclays Bank Ratings Unaffected By Capital Increase; Long-Term Rating Remains On Watch Neg Nov 08
Standard & Poors, Nov 2008
Abstract
LONDON (Standard & Poor's) Nov. 4, 2008--Standard & Poor's Ratings Services said today that its 'AA' long-term counterparty credit rating on Barclays Bank PLC remains on CreditWatch with negative implications, where it was placed on Sept. 17, 2008. At the same time, the 'A-1+' short-term counterparty credit rating was affirmed. The ratings on Barclays are unaffected, however, by the announcement last week of a -7.05 billion capital increase. The capital increase, in the form of mandatory convertible notes and Tier 1 hybrid reserve capital instruments, is slightly larger than the -6.5 billion capital increase that Barclays had initially agreed with the U.K. authorities, following Barclays' decision not to participate in the government's recapitalization plan (see 'Rating Implications Of U.K. Government...
Companies mentioned in this report are: Barclays Bank PLC
Action: CreditWatch Update
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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