The stable outlook indicates that we expect Barclays' ratings profile to 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. We could lower the ratings if Barclays' performance weakens materially, whether as a consequence of significant adverse credit, market, or operational risk events, or broader macroeconomic pressures that weaken Barclays' asset quality and earnings materially. A sustained weakening in its funding and liquidity would also likely precipitate a negative rating action. A further upgrade is unlikely in the next 24 months. We could raise the ratings during our two-year outlook horizon if Barclays demonstrates exceptional asset quality and risk management, and
