MADRID (S&P Global Ratings) March 4, 2020--S&P Global Ratings said today that its 'AAA' credit ratings are unchanged on Barclays Bank UK PLC's (BBUK's) mortgage covered bond program and related issuances, following the announcement of the proposed amendments to the series 2018-1 covered bonds. The amendments will be done by way of consent solicitation to the series 2018-1 eligible covered bondholders. On March 4, 2020, BBUK announced to the eligible holders of its outstanding covered bonds the proposal to consent to the modification of the terms and conditions of the series 2018-1 covered bonds and consequential or related amendments to their transaction documents. Such changes refer to replacing the existing London Interbank Offered Rate (LIBOR) interest basis of the series
