Barclays Bank PLC

The stable outlook on BB mirrors that on Barclays (BBB+/Stable/A-2). It reflects our view that Barclays' ratings profile will remain robust over our two-year horizon. We anticipate that its well-diversified business will generate solid, stable earnings, and that it will maintain its solid funding and liquidity profiles. Our ratings on BB will move in tandem with those on Barclays so long as we continue to view BB as a core subsidiary of the group. A further upgrade is unlikely in the next 24 months. We could raise the long-term issuer credit ratings on Barclays and BB during our two-year outlook horizon if Barclays demonstrates exceptional asset quality and risk management, and if its risk-adjusted capital ratio moves above 15% on

...S&P Global Ratings assesses Barclays Bank PLC (##) 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 two notches of uplift for additional loss-absorbing capacity (ALAC). We do not assess a stand-alone credit profile (SACP) for ##. ## 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, could be lower than for the ring-fenced bank. However, ##'s scale and centrality in group strategy mean it is critical to Barclays' overall success. For example, on a consolidated basis, ## accounted for 73% of the group's total income by half-year 2023,...

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