...Barclays' '###+' UGCP is toward the lower end of the '###' to 'a+' UGCP range that we observe across large, global banks. We compare Barclays with the other major U.K. banks and a range of U.S. and European wholesale banks. Barclays' relatively poor earnings track record weighs down its creditworthiness. For example, over the past six calendar years, the bank's average reported return on average tangible common equity (RoTE) has been around zero. In recent times, we have observed the conclusion of Barclays' long period of restructuring and the resolution of key litigation matters. We believe that management is now better positioned to focus upon improving statutory earnings. We have seen early evidence of this fact with statutory returns above 10% in the second and third quarters of 2018. Balance sheet metrics are solid, in line with peers, and we expect they will remain so. Effective April 2018, the Barclays group fully established Barclays Bank UK PLC (BUK) as the group's ring-fenced...
