Research Update: Core Lloyds Banking Group PLC Insurance Subsidiaries Downgraded One Notch Mar 09
Standard & Poors, March 2009
Abstract
On March 6, 2009, Standard & Poor's Ratings Services lowered its long-term counterparty credit and insurer financial strength ratings on U.K.-based life assurers Clerical Medical Investment Group Ltd. (CMIG) and Scottish Widows PLC (SW) to 'A+' from 'AA-'. The outlook is stable. The rating actions were triggered by rating action on the parent of both entities, Lloyds Banking Group PLC (LBG; A/Stable/A-1 see the Research Update titled, "Lloyds TSB Bank, Bank of Scotland L-T Ratings Cut To 'A+' On Deteriorating Environment; Outlook Stable," published on March 6, 2009, on RatingsDirect). As core entities of LBG, rating actions on both CMIG and SW mirror those on the core banking entities, Lloyds TSB Bank PLC (A+/Stable/A-1) and Bank of Scotland PLC (A+/Stable/A-1)....
Companies mentioned in this report are:
- Clerical Medical Investment Group Ltd.
- Bank of Scotland PLC
- Lloyds TSB Bank PLC
- Scotland International Finance No. 2 B.V.
- BOS International (Australia) Ltd.
- Clerical Medical Finance PLC
- Halifax Group Euro Finance (Jersey) L.P.
- Halifax Group Sterling Finance (Jersey) L.P.
- Lloyds TSB Capital 2 L.P.
- Lloyds TSB Capital 1 L.P.
- Bank of Scotland Capital Funding L.P.
- Scottish Widows PLC
- HBOS PLC
- HBOS Capital Funding L.P.
- Lloyds Banking Group PLC
- HBOS Capital Funding No. 1 L.P.
- HBOS Capital Funding No. 2 L.P.
- HBOS Capital Funding No. 3 L.P.
- HBOS Capital Funding No. 4 L.P.
Action: Downgraded
Action: Outlook: Stable
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
- Clerical Medical Investment Group Ltd.
- Bank of Scotland PLC
- Lloyds TSB Bank PLC
- Scotland International Finance No. 2 B.V.
- BOS International (Australia) Ltd.
- Clerical Medical Finance PLC
- Halifax Group Euro Finance (Jersey) L.P.
- Halifax Group Sterling Finance (Jersey) L.P.
- Lloyds TSB Capital 2 L.P.
- Lloyds TSB Capital 1 L.P.
- Bank of Scotland Capital Funding L.P.
- Scottish Widows PLC
- HBOS PLC
- HBOS Capital Funding L.P.
- Lloyds Banking Group PLC
- HBOS Capital Funding No. 1 L.P.
- HBOS Capital Funding No. 2 L.P.
- HBOS Capital Funding No. 3 L.P.
- HBOS Capital Funding No. 4 L.P.
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