DBRS Discontinues Rating on Barclay’s Corporation Ltd Repaid Commercial Paper

DBRS Ratings Limited (DBRS) has today downgraded from R-1 high (negative trend) to R-1 mid (stable trend) and subsequently withdrawn the Commercial Paper rating of Barclays Corporation Limited (BCL).

BCL benefited from a keepwell agreement from its ultimate parent, Barclays Bank plc (Barclays), and the rating of BCL should have been downgraded to R-1 mid (stable trend) in September 2013, in line with the downgrade of Barclays’ rating. The programme has been discontinued and the rating has been withdrawn.

Notes:
All figures are in British Pounds GBP unless otherwise noted.

The principal methodology applicable is: the Global Methodology for Rating Banks and Banking Organizations. Other methodologies used include the DBRS Criteria – Intrinsic and Support Assessments. The rating methodologies and criteria used in the analysis of this transaction can be found at: http://www.dbrs.com/about/methodologies

The sources of information used for this rating include company reports, SNL Financial. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

DBRS does not audit the information it receives in connection with the rating process, and it does not and cannot independently verify that information in every instance.

Generally, the conditions that lead to the assignment of a Negative or Positive Trend are resolved within a twelve month period. DBRS’s outlooks and ratings are under regular surveillance

For further information on DBRS historic default rates published by the European Securities and Markets Administration (“ESMA”) in a central repository, see:
http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.

Lead Analyst: Elisabeth Rudman
Rating Committee Chair: Alan G. Reid
Initial Rating Date: September 9, 2005
Most Recent Rating Update: September 9, 2013
DBRS Ratings Limited
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For additional information on this rating, please refer to the linking document located at: http://www.dbrs.com/research/236983/banks-and-banking-organisations-linking-document.pdf

Information regarding DBRS ratings, including definitions, policies and methodologies are available on www.dbrs.com.