OVERVIEW This rating action reflects our view of the improvement in credit quality of the current portfolio. We raised our rating on the credit default swap between Barclays Bank and NRW.BANK (Frechet). The underlying portfolio references corporate entities. LONDON (Standard&Poor's) Sept. 9, 2009--Standard&Poor's Ratings Services today raised and removed from CreditWatch negative its credit rating on the €100 million credit default swap between Barclays Bank PLC and NRW.BANK (see list below). The upgrade of the credit default swap follows our analysis of an updated reference portfolio. Following our assessment of the improvement in the credit quality of obligors in the current portfolio, we have raised the rating to a level where the credit enhancement (or attachment
