Barclays PLC's Proposed Callable Senior Notes Rated 'BBB', Included As Part Of Bank's Additional Loss-Absorbing Capacity

LONDON (S&P Global Ratings) Jan. 3, 2017--S&P Global Ratings today said that it assigned a 'BBB' rating to the proposed callable senior unsecured notes to be issued by Barclays PLC. We expect to include these notes in our calculation of Barclays' additional loss-absorbing capacity (ALAC). The 'BBB' rating on the notes is subject to our review of the final documentation, which we expect to be in line with other senior unsecured issuance by Barclays PLC. We understand that these notes are being issued by Barclays in the context of its regulatory requirement to build up buffers of gone-concern capital under U.K. banking regulation, or minimum requirement for own funds and eligible liabilities (MREL). We believe that this will be the

...LONDON (S&P Global Ratings) Jan. 3, 2017--S&P Global Ratings today said that it assigned a '###' rating to the proposed callable senior unsecured notes to be issued by Barclays PLC. We expect to include these notes in our calculation of Barclays' additional loss-absorbing capacity (ALAC). The '###' rating on the notes is subject to our review of the final documentation, which we expect to be in line with other senior unsecured issuance by Barclays PLC. We understand that these notes are being issued by Barclays in the context of its regulatory requirement to build up buffers of gone-concern capital under U.K. banking regulation, or minimum requirement for own funds and eligible liabilities (MREL). We believe that this will be the first issue by a U.K. banking group of a nonoperating holding company senior unsecured note that includes an issuer call one year before its contractual maturity. The expectation that we would include these proposed notes in our calculation of Barclays' ALAC reflects...

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