New Issue: Argento Variable Funding Company Ltd. Apr 10

Standard & Poors, April 2010

Abstract
Standard & Poor's Ratings Services has assigned its 'A-1' rating to Argento Variable Funding's (the conduit) asset backed commercial paper (ABCP) program. The conduit replicates many of the features of Lloyds TSB Bank PLC's existing conduitCancara Asset Securitisation Ltd.,which it established in 2002 (see "Related Research And Criteria"). The maximum amount of ABCP that the program may issue is $10 billion. The program is fully supported through liquidity. Lloyds TSB Bank will be the initial liquidity provider and will also carry out the majority of the required administrative roles, using its existing conduit management infrastructure. The conduit will be a hybrid, in that it will purchase and manage pools of rated and unrated assets. The initial transfer of assets will...

Companies mentioned in this report are:
- Lloyds TSB Bank PLC

Action: New Rating

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 TSB Bank PLC

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