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BULLETIN: Speculation That Lloyds TSB Bank Considers Sale of NBNZ Subsidiary May 03
Standard & Poors, May 2003
Abstract
MELBOURNE (Standard & Poor's) May 30, 2003--Standard & Poor's Ratings Services said today that it is continuing to monitor the recent speculation that Lloyds TSB Bank PLC (AA/Negative/A-1+) is considering a sale of its wholly owned subsidiary The National Bank of New Zealand (NBNZ; AA-/Negative/A-1+). At this point in time, the speculation will not affect the ratings on either bank. Lloyds TSB has made no statement regarding a potential sale. While NBNZ's own business and financial profile is relatively solid and supportive of a solid investment-grade rating, the ratings on the bank would be lower without the benefit afforded by a higher rated parent. The ratings on NBNZ are supported by its 100% ownership and close integration with Lloyds TSB....
Companies mentioned in this report are: Lloyds TSB Bank PLC,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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