We consider that Barclays' relatively high investment banking weighting, typically 40% of revenues, weighs on our view of its creditworthiness. Large Europe-domiciled investment banks face risks from regulation, potentially volatile global markets, stagnant European economies, and ring-fencing measures. In our view, these increase the credit risk for Barclays' bondholders, and they are unlikely to abate in the near-to-medium term. We are therefore lowering our long-term counterparty credit rating on Barclays Bank PLC to 'A' from 'A+'. At the same time, we are affirming the short-term rating at 'A-1'. The stable outlook reflects our expectation that, despite the negative trend that we have assigned to U.K. banking industry risk, Barclays' operating performance will remain satisfactory and its risk management experience will
