S&P upgrades Barclays

S&P said it raised group holding company Barclays plc’s issuer rating to BBB+ from BBB as well as all the ratings for its subsidiaries, including Barclays Bank plc to A+, and rated debt issued by the group holding company and its subsidiaries.

“Barclays' strong strategic execution, international diversification, and cautious balance-sheet management drive our rating actions. Barclays' strategic and geographical diversification has borne fruit, enabling the bank to generate good earnings and maintain significant excess capital. At the same time, Barclays' balance sheet is in a good position to resist an uncertain global financial environment. Its liquidity pool is dominated by central bank reserves and had a weighted-average surplus of more than £100 billion throughout the first quarter of 2023,” S&P said in a press release.

The outlook is stable.

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