LONDON (Standard & Poor's) Aug. 10, 2006--Standard & Poor's Ratings Services said today that it assigned its 'AA-' long-term and 'A-1+' short-term counterparty credit ratings to Lloyds TSB Group PLC, the nonoperational holding company of Lloyds TSB Bank PLC (AA/Stable/A-1+). The outlook is stable. "The one-notch differential between the long-term ratings on the holding company and the bank is in line with Standard & Poor's criteria, and reflects the potential structural subordination of holding company creditors to those of regulated subsidiaries," said Standard & Poor's credit analyst Richard Barnes. The ratings have been assigned to Lloyds TSB Group PLC in connection with its proposed issue of perpetual, callable, noncumulative, non-step-up preference shares. These shares will be issued to Saphir Finance...
Companies mentioned in this report are:
- Lloyds Banking Group PLC
- Lloyds Bank PLC
Action: New Rating
Action: Outlook: Stable
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.