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Lloyds TSB Group PLC Sep 08 Product Image

Lloyds TSB Group PLC Sep 08

  • ID: 2028433
  • September 2008
  • Standard & Poors

FEATURED COMPANIES

  • Lloyds Bank PLC
  • Lloyds Banking Group PLC
  • Scottish Widows PLC
  • MORE

Abstract
Leading franchise in U.K. financial services Strong risk-adjusted earnings Good revenue momentum and tight cost control Relatively prudent underwriting standards underpinning good credit quality Capitalization significantly improved, but still weak relative to similarly rated peers according to Standard & Poor's Ratings Services' measures Relatively large exposure to unsecured retail lending, which may be vulnerable in a significant economic downturn Little international diversification compared with many similarly rated peers resulting in high concentration in the U.K., which is showing signs of weakness The ratings on Lloyds TSB Group PLC (LTSBG) reflect its leading U.K. financial services franchise, strong returns, good revenue momentum, and tight cost control. Relatively prudent underwriting standards have limited LTSBG's exposure to higher risk assets. The ratings also...

Companies mentioned in this report are:
- Lloyds Banking Group PLC
- Lloyds Bank PLC
- Lloyds TSB General Insurance Ltd (Unsolicited Ratings)
- Lloyds Bank Capital 2 L.P.
- Scottish Widows PLC

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

Note: Product cover images may vary from those shown

- Lloyds Banking Group PLC
- Lloyds Bank PLC
- Lloyds TSB General Insurance Ltd (Unsolicited Ratings)
- Lloyds Bank Capital 2 L.P.
- Scottish Widows PLC

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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