LONDON -- Standard & Poor's Corp. reduced its long-term ratings on Barclays Bank PLC and placed National Westminster Bank PLC on review for a possible downgrading.
The senior debt ratings of Barclays Bank PLC were cut to AA from AA-plus. The subordinated debt rating was reduced to AA-minus from AA, and junior subordinated perpetual debt was cut to A-plus from AA-minus. Some Barclays units were also affected.
S&P said it placed the AA-plus rating of the senior debt of National Westminster Bank PLC and its units on Credit-Watch with "negative" implications.
"The rating on National Westminster Bank is not expected to fall below AA. The outlooks on the long-term rating of the Royal Bank of Scotland PLC, Royal Bank of Scotland Group PLC, and related entities are changed from 'stable' to 'negative.' The A1-plus short-term ratings for each of the above banks are affirmed," S&P said.