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BULLETIN: No Ratings Impact From Lloyds TSB Bank Sale of NBNZ Oct 03
Standard & Poors, Oct 2003
Abstract
LONDON (Standard & Poor's) Oct. 24, 2003--Standard & Poor's Ratings Services said today that Lloyds TSB Bank PLC's (Lloyds TSB; AA/Negative/A-1+) proposed sale of its subsidiary National Bank of New Zealand Ltd. (A+/Watch Pos/A-1) to Australia and New Zealand Banking Group Ltd. (AA-/Stable/A-1+) will not affect the ratings on Lloyds TSB. Standard & Poor's will, however, evaluate the impact of the expected proceeds on capital policy and retained earnings. Lloyds TSB has not yet announced how it would deploy the estimated -1.1 billion increase in reserves that would result from the transaction. The sale is expected to complete by year-end, and is fully consistent with Lloyds TSB's strategy to focus on its core U.K. businesses. The negative outlook on Lloyds...
Companies mentioned in this report are: Lloyds TSB Bank PLC,Australia and New Zealand Banking Group Ltd.,National Bank of New Zealand Ltd. (The)
Action: S&P Event
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.
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