Moody’s upgrades Barclays

Moody's Investors Service said it upgraded Barclays plc's long-term issuer and senior unsecured debt ratings to Baa2 from Baa3 and the long-term deposit and senior unsecured debt ratings of the group's main operating company Barclays Bank plc to A1 from A2.

The outlooks remain negative.

Barclays Bank's baa2 standalone baseline credit assessment (BCA), A1(cr)/Prime-1(cr) counterparty risk assessments and other long- and short term ratings were unaffected by this action.

Moody’s said the upgrades were prompted by its assessment that Barclays' senior unsecured and Barclays Bank's junior depositors and senior unsecured creditors face a lower loss given failure as a result of Barclays' issuance of loss-absorbing capital that has occurred to date and that Moody's expects in the near-term.

However, in the agency’s view, negative pressures continue to weigh on Barclays Bank's standalone credit profile, which are reflected in the continuing negative outlook on both Barclays and Barclays Bank.

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