Lloyds TSB Group PLC Aug 07

Standard & Poors, August 2007

Abstract
Leading franchise in U.K. financial services Strong risk-adjusted earnings Improving revenue momentum and tight cost control Asset quality underpinned by a large residential mortgage book Capitalization is materially improving but remains weak relative to similarly rated peers according to Standard & Poor's Ratings Services' measures A proportionately large exposure to unsecured retail lending, although impairment charges have stabilized Little international diversification compared to many similarly rated peers U.K.-incorporated Lloyds TSB Group PLC (Lloyds TSB) is the nonoperational holding company of Lloyds TSB Bank PLC (AA/Stable/A-1+). It has a strong and growing franchise in U.K. financial services across both retail and corporate sectors. International activity is very limited as it has chosen to focus on its core domestic business. Lloyds TSB...

Companies mentioned in this report are:
- Lloyds Banking Group PLC
- Lloyds TSB Bank PLC
- Lloyds TSB General Insurance Ltd (Unsolicited Ratings)
- Lloyds TSB Capital 2 L.P.
- Lloyds TSB Capital 1 L.P.
- Scottish Widows PLC

Action: Review

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 Banking Group PLC
- Lloyds TSB Bank PLC
- Lloyds TSB General Insurance Ltd (Unsolicited Ratings)
- Lloyds TSB Capital 2 L.P.
- Lloyds TSB Capital 1 L.P.
- Scottish Widows PLC

Customers who bought this item also bought

• Issues in Higher Education Funding Market Assessment 2006
• Charity Funding Market Assessment 2003
• eLEARNING - Global Strategic Business Report
• The ICD Defense UK Top 20: Company Guide
• Information Literacy Landscapes: Information Literacy in Education, Workplace and Everyday Contexts
• The Private Finance Initiative Market - UK 2010-2014
• 2009 Public Sector - UK Key Corporate Changes
• The United Kingdom Defense Industry - Competitive Landscape and Strategic Insights to 2017: Market Profile
• The UK Defense Industry - Market Opportunities and Entry Strategies, Analyses and Forecasts to 2017
• Analyzing the Global Aerospace and Defense Industry