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S&P ups Barclays Bank to BBB/A-2
Standard & Poor's said it raised the long- and short-term counterparty credit ratings on Spain-based Barclays Bank SAU to BBB/A-2 from BB+/B.
The outlook is stable.
The upgrade follows the completion of the full acquisition of Barclays by Spain-based CaixaBank SA, as announced on Jan. 2.
S&P considers that Barclays has become a core subsidiary of CaixaBank, and it therefore equalized the ratings on the subsidiary with those on the parent.
The agency expects the legal merger of both entities to take place this year. Once the merger is completed and Barclays ceases to exist, S&P will withdraw its ratings on Barclays.
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