On Sept. 17, 2008, Standard&Poor's Ratings Services placed its 'AA' long-term counterparty credit rating on Barclays Bank PLC on CreditWatch with negative implications. At the same time, the 'A-1+' short-term counterparty credit rating was affirmed. In addition, the 'AA-/A-1+' ratings on holding company, Barclays PLC, were placed on CreditWatch with negative implications. The rating actions follow the announcement of Barclays' acquisition of some of Lehman Brothers Holdings Inc.'s (LBHI; D/--/D) operations. LBHI, holding company for the group, filed for Chapter 11 on Sept. 15, 2008, although LBHI's U.S. subsidiaries currently remain outside the scope of the filing. Barclays is acquiring LBHI's North American investment banking and capital markets operations for up to US$250 million and associated operational infrastructure
