Despite governments' and central banks' measures to contain the COVID-19 pandemic, global economies face an unprecedented challenge and there are substantial downside risks. We are revising our outlook on Barclays PLC and related entities to negative from stable. We are affirming our issuer credit and issue ratings because Barclays' diversified business profile, robust balance sheet, and proactive risk management are significant mitigants to the adverse operating environment. The negative outlook reflects potential asset quality and earnings pressures arising from the economic and market impact of the pandemic. On April 23, 2020, S&P Global Ratings revised its outlook on Barclays PLC and related entities to negative from stable. The related entities include Barclays Bank PLC, Barclays Bank UK PLC, Barclays Bank
