U.K.-based Barclays PLC has made material strategic announcements with regard to the shape and structure of the group in the context of future regulatory requirements. We believe that, as the future non-ring-fenced entity, Barclays Bank PLC is likely to be rated one notch lower than the U.K. ring-fenced bank. Evolving regulatory requirements could result in Barclays building its additional loss-absorbing capacity (ALAC) buffers to a level that supports two notches of uplift over the next two-to-three years. We therefore are affirming our long- and short-term counterparty credit ratings on Barclays Bank at 'A-/A-2'. The stable outlook reflects our view that the future build-up of ALAC buffers could potentially offset any credit negative implications for Barclays Bank as the non-ring-fenced legal
