S&P revises outlook on British banks

S&P said it revised the outlook on six British banks, citing the effect of the global pandemic on their businesses.

The agency affirmed the ratings on nonoperating holding company Barclays plc at BBB/A-2 and revised the outlook to negative from stable.

“In addition, we affirmed the ratings on its operating subsidiaries, including Barclays Bank plc and Barclays Bank UK plc, and revised their outlooks to negative from stable,” S&P said in a press release.

The agency affirmed the ratings on Lloyds Banking Group plc at BBB+/A-2 and revised the outlook to negative from stable. In addition, S&P affirmed the ratings on its operating subsidiaries, including Lloyds Bank plc and lloyds bank corporate markets plc, and revised their outlook to negative from stable.

S&P affirmed the ratings on the Royal Bank of Scotland Group plc at BBB/A-2 and revised the outlook to negative from stable. “In addition, we affirmed the ratings on its operating subsidiaries, including NatWest Markets plc and National Westminster Bank plc, and revised their outlooks to negative from stable.

The agency also affirmed the ratings on Santander UK Group Holdings plc at BBB/A-2 and revised the outlook to negative from stable. In addition, S&P affirmed the ratings on its operating subsidiary, Santander UK plc, and revised its outlook to negative from stable.

S&P affirmed the ratings on Virgin Money UK plc at BBB-/A-3 and revised the outlook to negative from stable. “In addition, we affirmed the ratings on its operating subsidiary, Clydesdale Bank plc, and revised its outlook to negative from positive.

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