|
|
 |
|
Viewing report
|
|
|
|
Bulletin: Ratings On Lloyds Banking Group PLC Are Unaffected By Recently Announced First-Quarter Loss
Standard & Poors, May 2011
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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
LONDON (Standard & Poor's) May 6, 2011--Standard & Poor's today said that Lloyds Banking Group PLC's (Lloyds) recent announcement of a loss in its quarter ended March 31, 2011, does not affect its ratings on Lloyds. Operating profitability remained below our expectations but the loss drivers were a -3.2 billion provision for the bank's payment protection insurance (PPI) obligations and a larger-than-expected -1.4 billion credit provision on the bank's Irish loan portfolio. While the PPI charge is one-off, crystallizes a latent risk to the firm, and is the result of an industry-wide issue, we believe it indicates the headwinds that Lloyds faces from elevated pressures on U.K. banking institutions. Lloyds' first-quarter loss caused a small reduction in consolidated regulatory capital...
Companies mentioned in this report are: Lloyds Banking Group PLC
Action: Bulletin
|
|
|
|
