...LBG is domiciled in the United Kingdom (AA/Rating Watch Negative) and activities are focused on the UK. Fitch's `aa-' operating environment score reflects the UK's high income levels and limited structural weaknesses. GDP per capita, one of the two core metrics used in Fitch's Bank Criteria to derive the implied operating environment score, indicates high levels of corporate earnings and household income. The UK's high Ease of Doing Business ranking shows a transparent and stable corporate sector. Fitch placed the UK's `AA' Long-Term IDRs on RWN on 20 February 2019 (and maintained the RWN in April 2019) to reflect the heightened uncertainty over the outcome of the Brexit process and an increased risk of a no-deal Brexit. In Fitch's view, a no-deal Brexit would lead to substantial disruption to UK economic and trade prospects, at least in the short-term with a possible fall in GDP by more than 3% over two years, compared with Fitch's baseline (or more if `bare-bones' UK-EU trade arrangements...
