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Barclays Bank PLC 'AA' Long-Term Ratings Placed On CreditWatch Negative On Lehmans Deal Sep 08
Standard & Poors, Sep 2008
Abstract
LONDON (Standard & Poor's) Sept. 17, 2008--Standard & Poor's Ratings Services said today it placed its 'AA' long-term counterparty credit rating on Barclays Bank PLC on CreditWatch with negative implications. At the same time, the 'A-1+' short-term counterparty credit rating was affirmed. In addition, the 'AA-/A-1+' ratings on holding company, Barclays PLC, were placed on CreditWatch with negative implications. The rating actions follow the announcement of Barclays' acquisition of some of Lehman Brothers Holdings Inc.'s (LBHI; D/--/D) operations. LBHI, holding company for the group, filed for Chapter 11 on Sept. 15, 2008, although LBHI's U.S. subsidiaries currently remain outside the scope of the filing. Barclays is acquiring LBHI's North American investment banking and capital markets operations for up to US$250...
Companies mentioned in this report are: Barclays Bank PLC
Action: On CreditWatch:Negative
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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