The rating action follows Barclays Bank PLC's announcement of a substantial increase in first-half 2009 profitability. We are affirming our 'AA-/A-1+' counterparty credit ratings on Barclays Bank PLC. The negative outlook reflects the recessionary conditions in several of Barclays' key markets, and its legacy credit market exposures, which we consider pose downside risks to our credit loss expectations. LONDON (Standard&Poor's) Aug. 5, 2009--Standard&Poor's Ratings Services said today that it affirmed its 'AA-/A-1+' counterparty credit ratings on Barclays Bank PLC (Barclays). The outlook remains negative. "The rating action follows Barclays' announcement on Aug. 3, 2009, of a substantial increase in first-half profitability," said Standard&Poor's credit analyst Claire Curtin. Barclays reported pretax profits of £2.8 billion,
