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Lloyds TSB Bank PLC Dec 02 Product Image

Lloyds TSB Bank PLC Dec 02

  • ID: 2028269
  • December 2002
  • Standard & Poors

Abstract
The ratings on Lloyds TSB Bank PLC (Lloyds TSB) reflect its strong profitability, good asset quality, and the strength of its franchise in the U.K. financial services sector. Lloyds TSB--which includes Cheltenham & Gloucester PLC (C&G; not rated) and Scottish Widows PLC (Scottish Widows; not rated)--is among the largest U.K. retail financial services groups, and is a leading player in the residential mortgage, personal and business banking, and life and pensions markets. Core capitalization is weak by Standard & Poor's measures, however, even allowing for the relatively low risk of many parts of the group. Core capital flexibility has declined in 2002. Standard & Poor's analysis of capital looks beyond Lloyds TSB's strong regulatory capital ratios by taking account of...

Companies mentioned in this report are:
- Lloyds Bank PLC
- National Bank of New Zealand Ltd. (The)
- ANZ New Zealand (Int'l) Ltd.
- Lloyds TSB General Insurance Ltd (Unsolicited Ratings)
- Lloyds Bank Capital 2 L.P.
- Scottish Widows Administration Services Ltd.

Action: Review

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: Full Analysis

- Lloyds Bank PLC
- National Bank of New Zealand Ltd. (The)
- ANZ New Zealand (Int'l) Ltd.
- Lloyds TSB General Insurance Ltd (Unsolicited Ratings)
- Lloyds Bank Capital 2 L.P.
- Scottish Widows Administration Services Ltd.

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