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TEXT-Fitch rates Barclays Bank contingent capital notes 'BBB-(EXP)'
2012年11月8日 / 下午5点58分 / 5 年前

TEXT-Fitch rates Barclays Bank contingent capital notes 'BBB-(EXP)'

Nov 8 - Fitch Ratings has assigned Barclays Bank PLC's potential issue of
contingent capital notes an expected rating of 'BBB-(EXP)'.

RATING DRIVERS AND SENSITIVITIES
The notes are Tier 2 instruments without a coupon deferral feature that include
a 7% capital adequacy trigger. On breach of the trigger, the notes will be
automatically transferred to Barclays PLC, the bank holding company,
for nil consideration, resulting in a loss of principal and future interest for
the investors. The capital adequacy trigger is based on Barclays PLC's
consolidated core Tier 1 ratio until the implementation of CRD IV, and on its
consolidated transitional common equity Tier 1 (CET1) ratio after the
implementation date.

The notes are rated four notches below Barclays Bank's 'a' Viability Rating
(VR), in accordance with Fitch's criteria for "Rating Bank Regulatory Capital
and Similar Securities" (published 15 December 2011). Under these criteria,
Basel III compliant Tier 2 notes with going-concern write-down or conversion
triggers are notched twice from the VR for loss severity and once or twice for
non-performance risk. The notes are notched twice for non-performance risk to
reflect the high incremental risk due to the 7% CET1 ratio trigger compared with
the risk reflected in the bank's VR.

As the notes are notched from Barclays Bank's VR, their rating is primarily
sensitive to any change in the VR of Barclays Bank.

Contact:

Primary Analyst
Christian Scarafia
Senior Director
+39 02 87 90 87 212
Fitch Italia S.p.A.
V.lo S Maria alla Porta 1
20123 Milan

Secondary Analyst
James Longsdon
Managing Director
+44 20 3530 1076

Committee Chairperson
Gordon Scott
Managing Director
+44 20 3530 1075

Media Relations: Hannah Huntly, London, Tel: +44 20 3530 1153, Email:
hannah.huntly@fitchratings.com.

Additional information is available at www.fitchratings.com. The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.

Applicable criteria, 'Rating Bank Regulatory Capital and Similar Securities',
dated 15 December 2011, and 'Global Financial Institutions Rating Criteria'
dated 15 August 2012, are available at www.fitchratings.com.

Applicable Criteria and Related Research:
Rating Bank Regulatory Capital and Similar Securities
Global Financial Institutions Rating Criteria

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
here. IN ADDITION, RATING
DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S
PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND
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AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF
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