Moody’s rates Barclays UK a3, deposits A1

Moody's Investors Service said it assigned a long-term deposit rating of provisional A1 and a standalone baseline credit assessment of a3 to Barclays Bank UK plc, the future ring-fenced bank of Barclays plc.

The agency said the assignment reflects Moody's assessment that Barclays Bank UK will have moderate asset risk, robust capitalization, solid funding and adequate liquidity.

"We expect Barclays Bank UK to benefit from good and stable profits from retail and business banking activities, which are underpinned by the bank's strong franchise in the UK," Andrea Usai, senior vice president at Moody's, said in a news release.

"Nonetheless, we also expect that the bank's profitability could be challenged by weakening operating conditions in the UK and residual conduct costs over the next 12 to 18 months."

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