Core subsidiary of the Barclays group. Leading market position in global wholesale banking. Patchy earnings track record. Inherent revenue volatility and business complexity that derive from having a large capital markets business. S&P Global Ratings' stable outlook on Barclays Bank PLC (BBPLC) mirrors that on its ultimate parent, Barclays PLC (Barclays). We assume that the statutory earnings performance of the Barclays group will steadily improve and that its asset quality metrics will remain resilient over our two-year outlook horizon. Given that the ratings on BBPLC are already two notches above the 'bbb+' unsupported group credit profile (UGCP) of Barclays, based on the additional loss-absorbing capacity (ALAC) arising from the group's subordinated debt and senior debt buffers, a higher rating on
