S&P: Barclays convertibles B+

Standard & Poor’s said it assigned a B+ long-term issue rating to the proposed fixed-rate resetting perpetual subordinated contingent convertible additional tier 1 securities to be issued by Barclays plc.

In accordance with the agency’s January 2015 criteria for rating hybrid capital instruments, the B+ rating reflects an analysis of the proposed instruments and an assessment of the unsupported group credit profile of the Barclays group, S&P said.

The rating stands six notches below the BBB+ unsupported group credit profile of Barclays, the agency said.

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