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Lloyds TSB Group PLC Aug 07 Product Image

Lloyds TSB Group PLC Aug 07

  • ID: 2029077
  • August 2007
  • Standard & Poors

FEATURED COMPANIES

  • Lloyds Bank PLC
  • Lloyds Banking Group PLC
  • Scottish Widows PLC
  • MORE

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

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