Good asset quality relative to U.K. peers over an extended period. Leading market positions in U.K. banking and global wholesale banking. Reasonably diversified revenue streams by business line, customer segment, and geography. Currently in the midst of an ongoing restructuring process, in a difficult operating environment. Sub-par profitability in the investment bank due to a combination of weak revenue prospects, regulatory changes, and litigation charges. Yet to establish a track record of stable management and strategy in recent years. The negative outlook on Barclays reflects the risk of a weaker operating environment following the U.K.'s decision to leave the EU. Specifically, we could revise down the anchor for U.K. banks to 'bbb' from 'bbb+' over the next two years if
