...Ratings Equalised: The ratings for Barclays plc (the holding company) and Barclays Bank plc (the operating company) are analysed on a consolidated basis and equalised as their Viability Ratings (VRs) are driven by the same factors. The VRs and Issuer Default Ratings (IDRs) of the entities are equalised because of the lack of holding company double leverage and as yet insufficient junior debt buffer to protect the operating company's senior debt. Company Profile Drives VR: The group's balanced business model and sound franchises in domestic retail, credit card and corporate banking underpin the VR, but the upside is limited by sizeable capital markets activities. Barclays Non-Core (BNC) and its associated tail risk are gradually diminishing. Organisational Changes Underway: The group's business mix and legal structure are evolving, with large parts (operations in Africa, BNC) earmarked for sale and UK ring-fencing underway. The bank has also set up an intermediate holding company (IHC) in...
