Barclays Bank PLC

The positive outlook on BB mirrors that on Barclays (BBB/Positive/A-2). It reflects our view that Barclays is delivering a stronger, more consistent business profile and financial performance. In particular, we think its stable strategy and management team are more effectively realizing the potential of its diversified business model. Barclays has performed resiliently through the pandemic, and we expect stronger earnings in 2021-2023 as global economies recover. Our ratings on BB will move in tandem with those on Barclays as long as we continue to view BB as a core subsidiary of the group. We could raise the long-term issuer credit ratings on Barclays and BB during our two-year outlook horizon if Barclays demonstrates a sustained competitive advantage in line with

...S&P Global Ratings assesses Barclays Bank (##) as a core subsidiary of parent Barclays PLC (Barclays). ## has an integral role in the parent's strategy, material contribution to the group's capital base and financial performance, and strong link to the group's brand and reputation. We therefore align our long-term issuer credit rating on ## with the 'a' group credit profile, which includes a two-notch uplift for additional loss-absorbing capacity (ALAC), and we do not assess ##'s stand-alone credit profile. ## is Barclays' non-ring-fenced bank and largest operating entity. The U.K. ring-fencing regime is intended to protect critical banking functions. Therefore, group support for the non-ring-fenced bank, at the margin, may be lower than for the ring-fenced bank. However, we do not see a material distinction and ##'s scale means it is critical to Barclays' overall success. On a consolidated basis, ## accounted for 72% of the group's total income in 2020, and 80% of total equity. ## houses...

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