Lloyds TSB Group PLC 'AA-/A-1+' Ratings Assigned; Outlook Stable Aug 06
- ID: 2028976
- August 2006
- Standard & Poors
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
- Saphir Finance PLC
Action: New Rating
Action: Outlook: Stable
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Research type: News
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