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Moody's upgrades Barclays
Moody's Investors Service said it upgraded the long-term senior unsecured debt ratings of Barclays plc to Baa2 from Baa3. The upgrade also applies to Barclays Bank plc. The rating agency also changed the outlook to stable from positive, following the upgrade.
The upgrade of Barclays' ratings reflects Moody's view its operating performance and profitability prospects have improved and will be sustained going forward, benefiting from stable earnings in its retail and commercial banking activities, improved earnings from the capital markets business and an expectation of a significant reduction in litigation and conduct risks going forward.
“Barclays' profitability has improved over the past year and its earnings are less volatile, benefitting from both stronger revenues, particularly from its non-ring-fenced subsidiary, Barclays Bank plc, improved efficiency and lower litigation and conduct charges,” said Alessandro Roccati, a Moody's senior vice president, in a press release. “Capital generation through earnings will be more sustainable going forward, whilst we expect the bank's liquidity to remain ample.”
The outlook is stable.
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