LONDON (Standard&Poor's) June 14, 2002--Standard&Poor's said today it assigned its single-'A'-plus rating to the issue of £400 million, 6% callable perpetual core Tier One Notes (TONs) by Barclays Bank PLC (AA/Stable/A-1+). "The TONs are perpetual bonds and direct obligations of Barclays Bank. The terms and conditions of the TONs are similar to those of the Reserve Capital Instruments (RCIs; rated 'A+') previously issued by Barclays Bank, but there are important differences," said Peter Dutton, a director at Standard&Poor's Financial Services Group in London. In particular, the TONs do not feature a general deferral clause, which would enable the issuer to defer all payments for any period of time. Another difference is that deferred TON
