LONDON (Standard&Poor's) May 8, 2003--Standard&Poor's Ratings Services said today it affirmed its ratings on Barclays Bank PLC (Barclays) and related entities, including the 'AA/A-1+' counterparty credit ratings on Barclays. The outlook on Barclays is stable. The rating action follows today's announcement of an agreed bid for the whole of the share capital of Spain-based Banco Zaragozano (Zaragozano), which would value the target at €1.1 billion (£803 million). The Board of Zaragozano has voted in favor of the transaction, and has agreed to sell its own shares. Shareholders--including Board members--owning 54% of Zaragozano have agreed to accept the offer. The transaction is subject to the approval of the Bank of Spain and the Spanish Securities Market Commission.
