Bond Barclay PLC 5.33% ( XS0248675364 ) in GBP

Barclay PLC

100 % ⇌

United Kingdom

XS0248675364 ( in GBP )

5.33% per year ( payment 1 time a year)

Perpetual

Prospectus brochure of the bond Barclays PLC XS0248675364 en GBP 5.33%, maturity Perpetual

50 000 GBP

35 373 000 GBP

15/12/2025 ( In 45 days )

Barclays PLC is a British multinational banking and financial services corporation headquartered in London, offering a wide range of services including personal and corporate banking, investment banking, and wealth management.

The Bond issued by Barclay PLC ( United Kingdom ) , in GBP, with the ISIN code XS0248675364, pays a coupon of 5.33% per year.
The coupons are paid 1 time per year and the Bond maturity is Perpetual

PROSPECTUS
BARCLAYS BANK PLC
(incorporated with limited liability in England)
£500,000,000
A13.4.1
5.3304 per cent. Step-up Callable Perpetual Reserve Capital Instruments
A13.4.5
Issue Price: 100 per cent.
The £500,000,000 5.3304 per cent. Step-up Callable Perpetual Reserve Capital Instruments (the "RCIs") of Barclays Bank PLC (the
"Bank" or the "Issuer") will bear interest from (and including) 31 March 2006 (the "Issue Date") to (but excluding) 15 December
2036 at a rate of 5.3304 per cent. per annum, payable annually in arrear on 15 December in each year, save that the first payment
will be made on 15 December 2006 in respect of the period from (and including) 31 March 2006 to (but excluding) 15 December
2006 and will amount to £1,891.20 per £50,000 principal amount of the RCIs. From (and including) 15 December 2036, the RCIs
will bear interest at a rate, reset quarterly, of 1.985 per cent. per annum above the London interbank offered rate for three-month
Sterling deposits, payable quarterly in arrear on 15 March, 15 June, 15 September and 15 December in each year, all as more
particularly described in "Terms and Conditions of the RCIs - 5. Coupon Payments".
Coupon Payments (as defined herein) may be deferred as described in "Terms and Conditions of the RCIs - 4. Deferrals" but, whilst
any Payment (as defined herein) is so deferred, the Bank and Barclays PLC (the "Holding Company") may not (a) declare or pay
dividends (other than a final dividend declared by the Holding Company before deferral, or intra-group dividends) on shares or
satisfy any payments of interest in respect of any Existing RCIs (as such term is defined in "Terms and Conditions of the RCIs") or
(b) redeem, purchase, reduce or otherwise acquire any of their respective shares or other securities, or any securities of any of their
respective subsidiary undertakings benefiting from a guarantee from the Issuer or the Holding Company, ranking, as to the right
of repayment of principal, or in the case of any such guarantee, as to the payment of sums under such guarantee, pari passu with
or junior to the RCIs (other than shares or other securities of the Issuer held by the Holding Company or a wholly-owned subsidiary).
The RCIs are redeemable (at the option of the Bank) in whole but not in part on 15 December 2036 or on each Coupon Payment
Date (as defined herein) thereafter. In addition, the RCIs may be redeemed at the option of the Bank in the event that it is required
to pay additional amounts as provided in "Terms and Conditions of the RCIs - 11. Taxation" and, upon the occurrence of certain
other tax or regulatory events, all as more particularly described in "Terms and Conditions of the RCIs - 7. Redemption". Under
existing Financial Services Authority ("FSA") requirements, the Bank may not redeem or purchase any RCIs unless the FSA has given
its prior consent.
The RCIs will be unsecured securities of the Bank and will be subordinated to the claims of Senior Creditors (as defined herein). No
payment of principal (including amounts in respect of any Suspension Redemption Price (as defined herein)) or interest in respect
of the RCIs may be made unless the Bank is able to make such payment and remain solvent immediately thereafter. In the event of
either the winding-up in England of the Bank or the appointment of an administrator of the Bank where the administrator has given
notice that he/she intends to declare and distribute a dividend, the RCI Holders (as defined herein) will, for the purpose only of
calculating the amounts payable in respect of each RCI, be treated as if they were the holders of preference shares ranking pari
passu with the holders of that class or classes of preference shares (if any) from time to time issued by the Bank which have a
preferential right to a return of assets in the winding-up or such administration, as the case may be, over, and so rank ahead of, the
holders of all other classes of the Bank's issued shares on the day immediately prior to the commencement of the winding-up or
such administration, as the case may be. See "Terms and Conditions of the RCIs - 3. Winding-up and Administration".
For a description of certain matters that prospective investors should consider, see "Risk Factors".
Applications have been made for the RCIs to be admitted to listing on the official list (the "Official List") maintained by the FSA (in
A13.5.1
its capacity as competent authority for the purposes of Part VI of the Financial Services and Markets Act 2000 (the "FSMA"), the
"UK Listing Authority") and to trading on the Gilt-Edged and Fixed Interest Market of the London Stock Exchange plc (the "London
Stock Exchange"). References in this Prospectus to RCIs being listed (and all related references) shall mean that such RCIs have been
admitted to trading on the London Stock Exchange's Gilt-Edged and Fixed Interest Market and have been listed on the Official List
maintained by the UK Listing Authority. The London Stock Exchange's Gilt-Edged and Fixed Interest Market is a regulated market
for the purpose of the Investment Services Directive (Directive 93/22/EEC).
The Prospectus has been approved by the UK Listing Authority (which is the competent authority in the United Kingdom for the
purposes of Directive 2003/71/EC (the "Prospectus Directive") and relevant implementing measures in the United Kingdom) as a
prospectus issued in compliance with the Prospectus Directive and relevant implementing measures in the United Kingdom for the
purposes of giving information with regard to the issue of the RCIs.
BARCLAYS CAPITAL
Lead Manager and Bookrunner
Co-Lead Managers
BNP PARIBAS
Citigroup
Goldman Sachs International
Merrill Lynch International
Morgan Stanley
UBS Investment Bank
Co-Managers
Caja Madrid
Danske Bank
ING Barings
Mediobanca S.p.A.
Rabobank International
Wachovia Securities International Limited
27 March 2006

The Issuer accepts responsibility for the information contained in this Prospectus. To the best of the A9.1.1
knowledge of the Issuer (having taken all reasonable care to ensure that such is the case), the A9.1.2
A13.1.1
information contained in this Prospectus is in accordance with the facts and does not omit anything A13.1.2
likely to affect the import of such information.
In connection with the offering of the RCIs (the "Offering"), no person is authorised to give any
information or to make any representation not contained in this Prospectus and neither the Issuer,
the Holding Company nor the Managers (as defined in "Subscription and Sale") accept responsibility
for any such information or representation. This Prospectus does not constitute an offer of, or an
invitation to subscribe for, the RCIs.
The distribution of this document and offering or sale of the RCIs in certain jurisdictions may be
restricted by law. See "Subscription and Sale" for a description, inter alia, of certain restrictions on
offers and sales of the RCIs in the United States or to U.S. persons.
The RCIs have not been, and will not be, registered under the U.S. Securities Act of 1933, as
amended, and comprise securities in bearer form that are subject to United States tax law
requirements.
The RCIs will be represented initially by a temporary global RCI in bearer form without coupons or A13.4.4
talons (the "Temporary Global RCI") which will be deposited outside the United States with The
Bank of New York, London branch as common depositary for Euroclear Bank S.A./N.V. ("Euroclear")
and Clearstream Banking, société anonyme ("Clearstream, Luxembourg") on or about the Issue
Date. The Temporary Global RCI will be exchangeable in whole or in part (free of charge to the
holder) for interests in a permanent global RCI in bearer form, without coupons or talons (the
"Permanent Global RCI"), on or after the date which is expected to be 11 May 2006 (the "Exchange
Date") upon certification as to non-U.S. beneficial ownership as required by U.S. Treasury
regulations and as described in the Temporary Global RCI. Interests in the Permanent Global RCI will
be exchangeable in whole but not in part (free of charge to the holder) for definitive bearer RCIs
with coupons for principal and interest and talons for further coupons attached ("Definitive RCIs")
in denominations of £50,000 only in the limited circumstances set out in the Permanent Global RCI.
See further "Summary of Provisions Relating to the RCIs While in Global Form".
The RCIs will be in bearer form and in denominations of £50,000, provided that, for so long as the
RCIs are represented by the Temporary Global RCI or the Permanent Global RCI and the relevant
clearing system(s) so permit(s), the RCIs shall be tradeable in minimum principal amounts of
£50,000 and integral multiples of £1,000 in excess thereof.
Investors should satisfy themselves that they understand all the risks associated with making
investments in the nature of the RCIs. The RCIs are only suitable for financially sophisticated
investors who are capable of evaluating the risks involved in investing in the RCIs. See "Risk Factors".
In this Prospectus, all references to "£" and "Sterling" are to pounds sterling and references to "¤"
and "euro" are to the lawful currency of the member states of the European Union that have
adopted or adopt the single currency in accordance with the Treaty establishing the European
Community, as amended from time to time.
In connection with the issue of the RCIs, Barclays Capital Securities Limited (the "Stabilising
Manager") (or persons acting on behalf of the Stabilising Manager) may over-allot RCIs (provided
that the aggregate principal amount of the RCIs allotted does not exceed 105 per cent. of the
aggregate principal amount of the RCIs) or effect transactions with a view to supporting the
market price of the RCIs at a level higher than that which might otherwise prevail. However, there
is no assurance that the Stabilising Manager (or persons acting on behalf of the Stabilising
Manager) will undertake stabilisation action. Any stabilisation action may begin on or after the
date on which adequate public disclosure of the terms of the offer of the RCIs is made and, if
begun, may be ended at any time, but it must end no later than the earlier of 30 days after the
issue of the RCIs and 60 days after the date of the allotment of the RCIs.
2

Information Incorporated by Reference
The following information shall be deemed to be incorporated in, and to form part of, this
Prospectus:
1.
the audited joint Annual Report of Barclays PLC and the Issuer, as filed with the SEC on Form
20-F, in respect of the year ended 31 December 2004 (with the exception of the information
incorporated by reference in the Annual Report referred to in the Exhibit Index of the Annual
Report, which shall not be deemed to be incorporated in this Prospectus) and the Annual
Report of the Issuer containing the audited consolidated accounts of the Issuer in respect of
the year ended 31 December 2004;
2.
the amendment to the joint 2004 Annual Report of Barclays PLC and the Issuer, as filed with
the SEC on Form 20-F/A on 6 May 2005 (with the exception of the information incorporated
by reference in the Annual Report referred to in the Exhibit Index of the Annual Report, which
shall not be deemed to be incorporated in this Prospectus);
The audited joint Annual Report of Barclays PLC and the Issuer and the audited Annual Report of
the Issuer referred to in item 1 and 2 above were prepared in accordance with UK Generally
Accepted Accounting Principles ("UK GAAP").
3.
the Annual Report containing the audited consolidated accounts of Barclays PLC for the year
ended 31 December 2005 (the "2005 Barclays PLC Annual Report"); and
4.
the Annual Report containing the audited consolidated accounts of the Issuer for the year
ended 31 December 2005 (the "2005 Issuer Annual Report").
Barclays PLC and the Issuer have applied International Financial Reporting Standards ("IFRS") from
1 January 2004, with the exception of the standards relating to financial instruments (IAS 32 and IAS
39) and insurance contracts (IFRS 4) which were applied only with effect from 1 January 2005.
Therefore, in the 2005 Barclays PLC Annual Report and the 2005 Issuer Annual Report, the impacts
of adopting IAS 32, IAS 39 and IFRS 4 are not included in the 2004 comparatives in accordance with
First-time Adoption of International Financial Reporting Standards (IFRS 1). The results for 2005 are
therefore not entirely comparable to those for 2004 in affected areas. A summary of the significant
accounting policies for Barclays PLC and the Issuer is included in the 2005 Annual Reports for
Barclays PLC and the Issuer.
The above documents may be inspected as described in paragraph 7 of "General Information".
The table below sets out the relevant page references for the information contained within the
Annual Report of Barclays PLC and the Issuer filed on Form 20F:
Directors and Officers ........................................................................................................................
2
Corporate Governance ........................................................................................................................
7
Risk factors ............................................................................................................................................
28
Risk management ................................................................................................................................
30
Consolidated profit and loss account summary ..........................................................................
73
Consolidated balance sheet ..............................................................................................................
74
Business Description............................................................................................................................
75
Financial Review ..................................................................................................................................
78
Barclays PLC consolidated accounts ..............................................................................................
110
Barclays PLC consolidated profit and loss account ....................................................................
118
Barclays PLC consolidated balance sheet ......................................................................................
120
Notes to the accounts ........................................................................................................................
125
Barclays Bank PLC consolidated profit and loss accounts ........................................................
214
Barclays Bank PLC consolidated balance sheet ............................................................................
216
Notes to the accounts ........................................................................................................................
220
Shareholder information ....................................................................................................................
227
3

The table below sets out the relevant page references for the information contained within the
amendment to the 2004 Annual Report of the Issuer filed on Form 20F/A:
Risk management ................................................................................................................................
30
Financial Review ..................................................................................................................................
78
Notes to the accounts ........................................................................................................................
157
The table below sets out the relevant page references for the information contained within the 2005
Barclays PLC Annual Report:
Directors and Officers of Barclays PLC and Barclays Bank PLC ..............................................
18
Directors' report ..................................................................................................................................
21
Corporate governance report ..........................................................................................................
24
Barclays report on remuneration ....................................................................................................
31
Accountability and audit ....................................................................................................................
45
Presentation of information ..............................................................................................................
46
Risk factors ............................................................................................................................................
47
Risk management ................................................................................................................................
50
Financial data Barclays PLC ..............................................................................................................
96
Business description ............................................................................................................................
100
Financial review ....................................................................................................................................
103
Consolidated accounts Barclays PLC ..............................................................................................
134
Shareholder information ....................................................................................................................
305
Group senior management and principal offices ........................................................................
311
The table below sets out the relevant page references for the information contained within the 2005
Issuer Annual Report:
Directors' report ..................................................................................................................................
2
Directors and Officers ........................................................................................................................
4
Statement of Directors' responsibilities for accounts ................................................................
4
Accounting policies ............................................................................................................................
6
Income statements ..............................................................................................................................
19
Balance sheets ......................................................................................................................................
20
Statement of recognised income and expense ............................................................................
22
Cash flow statements ..........................................................................................................................
23
Notes to the accounts ........................................................................................................................
24
4

TABLE OF CONTENTS
Key Features of the Offering ............................................................................................................
6
Risk Factors............................................................................................................................................
11
Terms and Conditions of the RCIs ..................................................................................................
16
Use of Proceeds ....................................................................................................................................
36
Summary of Provisions Relating to the RCIs While in Global Form........................................
37
The Issuer and the Group ..................................................................................................................
40
United Kingdom Taxation ..................................................................................................................
48
Subscription and Sale..........................................................................................................................
51
General Information ............................................................................................................................
53
5

KEY FEATURES OF THE OFFERING
The following key features section refers to certain provisions of the Terms and Conditions of the RCIs
and the Trust Deed and, insofar as it relates to the Terms and Conditions of the RCIs, is qualified by
the more detailed information contained elsewhere in this Prospectus. Defined terms used below
have the meaning given to them in "Terms and Conditions of the RCIs".
Issuer
Barclays Bank PLC
Holding Company
Barclays PLC
Trustee
The Bank of New York, New York office
A13.4.5
Issue size
£500,000,000
A13.4.1
Issue Price
100 per cent.
Issue Date
31 March 2006
Yield
5.3320 per cent.
A13.4.13
A13.4.10
Redemption
The RCIs are perpetual securities and have no maturity A13.4.9
date. However, the RCIs are redeemable in whole, but
not in part, at the option of the Issuer, subject to the
prior consent of the FSA and provided that the Solvency
Condition is met, at their principal amount together
with any Outstanding Payments on 15 December 2036
or on any Coupon Payment Date thereafter.
Interest
The RCIs bear interest at a rate of 5.3304 per cent. per
annum from (and including) the Issue Date to (but
excluding) 15 December 2036 and thereafter at a rate
per annum reset quarterly of 1.985 per cent. per annum
above the London interbank offered rate for three-
month Sterling deposits.
Coupon Payment Dates
Coupon Payments in respect of the RCIs will be payable
annually in arrear on 15 December in each year from
(and including) 15 December 2006 to (and including)
15 December 2036 and thereafter, subject to
adjustment for non-business days, on 15 March, 15
June, 15 September and 15 December in each year, save
that the first payment will be made on 15 December
2006 in respect of the period from (and including) 31
March 2006 to (but excluding) 15 December 2006 and
will amount to £1,891.20 per £50,000 principal amount
of the RCIs.
A13.4.6
Subordination
The rights and claims of the RCI Holders are
subordinated to the claims of Senior Creditors. No
payment of principal or interest in respect of the RCIs
shall be due and payable unless the Issuer is able to
make such payment and still be solvent immediately
thereafter. Upon any winding-up or administration of
the Issuer, each RCI Holder will rank pari passu with the
holders of TONs, other RCIs and of the most senior class
or classes of preference shares (if any) of the Issuer then
6

in issue and in priority to all other shareholders of the
Issuer.
General deferral of Payments
Subject to the restrictions described below, the Issuer
may elect to defer any Payment (which term does not
include principal) on the RCIs for any period of time. No
interest will accrue on any such deferred Payment.
Any Payment that is deferred may be satisfied at any
time at the Issuer's election, provided that the Issuer
must satisfy such deferred Payment on the earlier of (i)
the date of redemption of the RCIs and (ii) the Coupon
Payment Date falling on or nearest to the tenth
anniversary of the date of deferral of such Payment.
Restrictions during period of deferral
If the Issuer defers a Coupon Payment for any reason as
described above, then (i) neither the Issuer nor the
Holding Company may (a) declare or pay a dividend
(other than a final dividend declared by the
Shareholders of the Holding Company before such
Coupon Payment is so deferred, or a dividend paid by
the Issuer to the Holding Company or a wholly-owned
Subsidiary) on any of their respective ordinary shares or
preference shares, or satisfy any payments in respect of
interest on any RCI or (b) redeem, purchase, reduce or
otherwise acquire any of their respective share capital
or any securities of any of their respective subsidiary
undertakings benefiting from a guarantee from the
Issuer or the Holding Company ranking, as to the right
of repayment of principal, pari passu with or junior to
the RCIs (other than shares or other securities of the
Issuer held by the Holding Company or a wholly-owned
Subsidiary), in either case until the Issuer next makes a
Coupon Payment and (ii) any such deferred Coupon
Payment shall be satisfied only in accordance with the
alternative coupon satisfaction mechanism, subject to
the prior consent of the FSA.
Alternative coupon satisfaction
Investors will always receive payments made in respect
mechanism
of RCIs in cash. However, if the Issuer defers a Payment
it must, or if and to the extent the Issuer so elects at any
time it may, satisfy its obligation to make any Payment
(which term does not include any payment of principal)
to RCI Holders by issuing its ordinary shares to the
Trustee or its agent. In such event, the Trustee or its
agent will exchange such ordinary shares for Ordinary
Shares in the Holding Company which, when sold, will
provide a cash amount which the Principal Paying
Agent, on behalf of the Trustee, will pay to the RCI
Holders in respect of the relevant Payment. A
Calculation Agent will be appointed at such time and
used to calculate in advance the number of Ordinary
Shares to be issued in order to enable the Trustee or its
agent to raise the full amount of money due on the
relevant payment date to RCI Holders. The Issuer has
agreed to fund any shortfall as at the relevant payment
7

date arising on the sale of such shares either by
payment of an amount equal to such shortfall, subject to
certain limitations, or, at its election, through issuing
additional ordinary shares as part of the operation of a
similar share issue, exchange and sale mechanism to
that summarised above.
Insufficiency
Each of the Issuer and the Holding Company is required
to keep available for issue enough of its shares as it
reasonably considers would be required to satisfy from
time to time the next Coupon Payment using the
alternative coupon satisfaction mechanism described
above.
Market Disruption Event
If, in the opinion of the Issuer, a Market Disruption Event
exists on or after the 15th business day preceding any
date upon which the Issuer is due to satisfy a Payment
using the alternative coupon satisfaction mechanism,
the Payment to RCI Holders may be deferred until the
Market Disruption Event no longer exists. Any such
deferred payments shall bear interest at the then-
current rate applicable to the RCIs if the Market
Disruption Event continues for 14 days or more.
Suspension
If, following any takeover offer or any reorganisation,
restructuring or scheme of arrangement, Barclays PLC
(or any successor ultimate holding company of the
Issuer) ceases to be the Issuer's ultimate holding
company, then such changes to the documentation
relating to the RCIs as determined by an independent
investment bank to be appropriate in order to preserve
substantially the economic effect, for the RCI Holders, of
a holding of the RCIs will be made by the Issuer and the
Trustee, and pending such changes, the Issuer will be
unable to satisfy payments using the alternative coupon
satisfaction mechanism. If the investment bank is unable
to determine appropriate amendments, as notified to
the Issuer and the Trustee, each RCI will (subject to the
prior consent of the FSA) be redeemed at the
Suspension Redemption Price.
Additional amounts
The Issuer will pay additional amounts to RCI Holders to
gross up payments upon the imposition of UK
withholding tax, subject to customary exceptions.
Redemption for taxation purposes
The Issuer may, subject to the prior consent of the FSA,
redeem all, but not some only, of the RCIs at their
principal amount together with any Outstanding
Payments in the event that, for reasons outside its
control, it is required to pay additional amounts in
respect of United Kingdom withholding taxation,
provided that the Solvency Condition is met.
Upon the occurrence of certain other changes in the
treatment of the RCIs for taxation purposes, the Issuer
may, subject to the prior consent of the FSA and
provided that the Solvency Condition is met, redeem all,
8

but not some only, of the RCIs at their principal amount
together with any Outstanding Payments.
Redemption for regulatory reasons
The RCIs will qualify as Tier 1 Capital for the purposes of
the FSA's capital adequacy regulations. If at any time
the RCIs cease to qualify as Tier 1 Capital, the Issuer
may, subject to the prior consent of the FSA and
provided that the Solvency Condition is met, redeem all,
but not some only, of the RCIs at their principal amount
together with any Outstanding Payments.
Remedy for non-payment
The sole remedy against the Issuer available to the
Trustee or any RCI Holder or Couponholder for recovery
of amounts owing in respect of any Payment or
principal in respect of the RCIs or Coupons will be the
institution of proceedings for the winding-up in England
of the Issuer and/or proving in such winding-up or the
administration of the Issuer.
Form
Bearer. The RCIs will be represented initially by the
Temporary Global RCI, without Coupons or Talons,
which will be deposited outside the United States with a
common depositary for Clearstream, Luxembourg and
Euroclear on or about the Issue Date. The Temporary
Global RCI will be exchangeable for interests in the
Permanent Global RCI, without Coupons or Talons, on or
after a date which is expected to be 11 May 2006 upon
certification as to non-U.S. beneficial ownership as
required by U.S. Treasury regulations and as described
in the Temporary Global RCI. Save in the limited
circumstances described in the Permanent Global RCI,
RCIs in definitive bearer form with coupons and a talon
attached on issue will not be issued in exchange for
interests in the Permanent Global RCI.
Denomination
For so long as the RCIs are represented by either the
Temporary Global RCI or the Permanent Global RCI and
Euroclear and Clearstream, Luxembourg so permit, the
RCIs shall be tradable in minimum nominal amounts of
£50,000 and integral multiples of £1,000 in excess
thereof. If Definitive RCIs are required to be issued in
the limited circumstances specified in the Permanent
Global RCI, they will only be printed and issued in
denominations of £50,000. Accordingly, if Definitive
RCIs are required to be issued, an RCI Holder having an
original nominal amount which cannot be fully
represented by Definitive RCIs in the denomination of
£50,000 will not be able to receive a Definitive RCI in
respect of the original nominal amount of the RCIs by
which the original nominal amount of such holding of
RCIs exceeds the next lowest integral multiple of
£50,000 (the "Excess Amount"), and will not be able to
receive interest or principal in respect of the Excess
Amount. Accordingly, RCI Holders who hold RCIs in the
relevant clearing system in amounts that are not
integral multiples of £50,000 may need to purchase or
9

sell, prior to the date on which the Permanent Global
RCI is exchanged for Definitive RCIs, a principal amount
of RCIs such that their holding is an integral multiple of
£50,000.
Listing and admission to trading
London. Applications have been made for the RCIs to be
admitted to listing on the Official List of the UK Listing
Authority and to trading on the London Stock
Exchange's Gilt-Edged and Fixed Interest Market.
A13.4.3
Governing law
English.
A13.7.5
Rating
The RCIs have been assigned a A+ rating by Standard &
Poor's Rating Services, a division of The McGraw-Hill
Companies, Inc., a Aa3 rating by Moody's Investors
Service, Inc. and a AA rating by Fitch Ratings Limited. A
credit rating is not a recommendation to buy, sell or
hold securities and may be subject to revision,
suspension or withdrawal at any time by the relevant
rating organisation.
10