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Research Update: Lloyds TSB Bank, Bank of Scotland L-T Ratings Cut To 'A+' On Deteriorating Environment; Outlook Stable Mar 09

Description:
Abstract
On March 6, 2009, Standard & Poor's Ratings Services lowered its long-term counterparty credit rating on Lloyds TSB Bank PLC (LTSB) and Bank of Scotland PLC by one notch to 'A+' from 'AA-'. At the same time, the short-term ratings were lowered to 'A-1' from 'A-1+'. In addition, the long-term ratings on core life insurance subsidiaries Scottish Widows PLC and Clerical Medical Investment Group Ltd. were lowered to 'A+' from 'AA-'. Furthermore, the long-term counterparty credit rating on the holding company, Lloyds Banking Group PLC (LBG), was lowered to 'A' from 'A+'. The short-term rating of 'A-1' was affirmed. The outlook on all these entities is stable. We also lowered the ratings on certain perpetual subordinated hybrid capital instruments issued...

Companies mentioned in this report are:
- Lloyds TSB Bank PLC
- Bank of Scotland PLC
- Scotland International Finance No. 2 B.V.
- BOS International (Australia) Ltd.
- Clerical Medical Investment Group Ltd.
- Clerical Medical Finance PLC
- Halifax Group Euro Finance (Jersey) L.P.
- Halifax Group Sterling Finance (Jersey) L.P.
- Lloyds TSB Capital 2 L.P.
- Lloyds TSB Capital 1 L.P.
- Bank of Scotland Capital Funding L.P.
- Scottish Widows PLC
- HBOS PLC
- HBOS Capital Funding L.P.
- Lloyds Banking Group PLC
- HBOS Capital Funding No. 1 L.P.
- Saphir Finance PLC
- HBOS Capital Funding No. 2 L.P.
- HBOS Capital Funding No. 3 L.P.

Action: Downgraded
Action: Outlook: Stable
Action: On CreditWatch:Negative

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
 
Companies Mentioned
- Lloyds TSB Bank PLC
- Bank of Scotland PLC
- Scotland International Finance No. 2 B.V.
- BOS International (Australia) Ltd.
- Clerical Medical Investment Group Ltd.
- Clerical Medical Finance PLC
- Halifax Group Euro Finance (Jersey) L.P.
- Halifax Group Sterling Finance (Jersey) L.P.
- Lloyds TSB Capital 2 L.P.
- Lloyds TSB Capital 1 L.P.
- Bank of Scotland Capital Funding L.P.
- Scottish Widows PLC
- HBOS PLC
- HBOS Capital Funding L.P.
- Lloyds Banking Group PLC
- HBOS Capital Funding No. 1 L.P.
- Saphir Finance PLC
- HBOS Capital Funding No. 2 L.P.
- HBOS Capital Funding No. 3 L.P.
 
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