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 business profile and stably stronger financial performance. We expect it to navigate the difficult and uncertain environment well, recording material profitability even as major economies face economic contraction and persistent inflation, among elevated geopolitical risk. 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 higher-rated global peers, stability in management and strategy, and profitable earnings

...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 a 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, for ## we do not see a material distinction and its scale means it is critical to Barclays' overall success. On a consolidated basis, ## accounted for 72% of the group's total income by half-year 2022, and 83% of total...

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