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Barclays Bank PLC Ratings Unaffected By Writedowns Nov 07
Standard & Poors, Nov 2007
Abstract
LONDON (Standard & Poor's) Nov. 16, 2007--Standard & Poor's Ratings Services said today that its ratings and outlook on Barclays Bank PLC (Barclays; AA/Stable/A-1+) were unaffected by today's announcement of writedowns on a range of assets within its investment banking division, Barclays Capital. Barclays today revealed that it had made markdowns and impairment charges totaling approximately -1.7 billion for July 2007-October 2007 in respect of various exposures to collateralized debt obligations, other subprime loans and RMBS, Structured Investment Vehicles (SIVs), and leveraged loans. These writedowns are substantial in absolute terms, but not altogether surprising given market movements in recent months. Relative to Barclays Capital's revenue base (-4.1 billion in first-half 2007), the markdowns are lower than those seen to date...
Companies mentioned in this report are: Barclays Bank 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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