On Sept. 28, 2007, Standard&Poor's Ratings Services assigned its 'AA-/A-1+' long- and short-term counterparty credit ratings to Barclays PLC, the nonoperational holding company of Barclays Bank PLC (AA/Stable/A-1+). The outlook is stable. The one-notch differential between the long-term ratings on the holding company and the bank is in line with Standard&Poor's criteria, and reflects the potential structural subordination of holding company creditors to those of regulated subsidiaries. The stable outlook on Barclays PLC reflects that on Barclays Bank PLC. This in turn reflects Standard&Poor's expectation of continued strong profitable growth and stable capitalization. A negative rating action could follow if Barclays did not meet its capital targets, if there were unexpectedly large losses, or
