Moody's changes Barclays outlook to negative from stableJuly 5, 2012 - 11:53 AMT PanARMENIAN.Net - Moody's Investors Service on Thursday, July 4 changed the outlook on Barclays Bank plc's C-/baa2 standalone bank financial strength rating (BFSR) to negative from stable, citing the uncertain management outlook. According to Reuters Moody's said the change reflected concerns that the senior resignations at the bank and the consequent uncertainty surrounding the firm's direction were negative for bondholders. "Specifically, the shareholder and political pressures on Barclays, which resulted in the resignation of the bank's CEO, COO (previously the head of the investment bank) and the stated intention of the Chairman to resign, could lead to broader pressure on the bank to shift its business model away from investment banking and reform perceived failures in its business culture," the agency said. The C-/ baa2 standalone BFSR as well as the A2 long-term and Prime-1 short-term debt ratings remain unchanged. The A2 senior debt and deposit rating already has a negative outlook due to Moody's expectation that the UK government will reduce its support for large UK banks over the medium term. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. Azerbaijan must respect human rights, Scholz tells Aliyev German Chancellor Olaf Scholz has called for greater respect for human rights in Azerbaijan. Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush. Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. |