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Barclays Bank PLC 'AA/A-1+' Ratings Affirmed on Proposed Zaragozano Acquisition; Outlk Stable May 03
Standard & Poors, May 2003
Abstract
LONDON (Standard & Poor's) May 8, 2003--Standard & Poor's Ratings Services said today it affirmed its ratings on Barclays Bank PLC (Barclays) and related entities, including the 'AA/A-1+' counterparty credit ratings on Barclays. The outlook on Barclays is stable. The rating action follows today's announcement of an agreed bid for the whole of the share capital of Spain-based Banco Zaragozano (Zaragozano), which would value the target at -1.1 billion (-803 million). The Board of Zaragozano has voted in favor of the transaction, and has agreed to sell its own shares. Shareholders--including Board members--owning 54% of Zaragozano have agreed to accept the offer. The transaction is subject to the approval of the Bank of Spain and the Spanish Securities Market Commission....
Companies mentioned in this report are: Barclays Bank PLC
Action: Affirmed
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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