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Fitch gives Barclays convertibles BB+
Fitch Ratings said it has assigned Barclays plc's (A/stable/F1/ a) potential upcoming issue of perpetual subordinated contingent convertible securities an expected rating of BB+(exp).
The securities are expected to be issued as part of the bank's exchange offer for certain legacy hybrid tier 1 instruments announced Thursday, the agency said.
The rating of the securities, under Fitch's assessing and rating bank subordinated and hybrid securities' criteria, is five notches below Barclays' A viability rating, in line with the agency's criteria for assigning ratings to hybrid instruments.
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