Research Update: Lloyds TSB Bank L-T Rating Lowered To 'AA-' On HBOS Takeover; Outlook Negative Jan 09
- ID: 2029095
- January 2009
- Standard & Poors
On Jan. 14, 2009, Standard & Poor's Ratings Services lowered its long-term counterparty credit rating on Lloyds TSB Bank PLC (LTSB) by one notch to 'AA-' from 'AA'. At the same time, the 'A-1+' short-term counterparty credit rating on LTSB was affirmed. Furthermore, the long- and short-term counterparty credit ratings on the holding company, Lloyds TSB Group PLC (to be renamed Lloyds Banking Group PLC), were lowered to 'A+/A-1' from 'AA-/A-1+'. Additionally, the 'AA' long-term and the 'AA-/A-1+' long- and short-term counterparty credit ratings on LTSB and Lloyds TSB Group PLC, respectively, were removed from CreditWatch with negative implications, where they had originally been placed on Sept. 18, 2008. At the same time, Standard & Poor's affirmed its 'AA-/A-1+' counterparty...
Companies mentioned in this report are:
- Lloyds Bank PLC
- Bank of Scotland PLC
- BOS International (Australia) Ltd.
- Scottish Widows Ltd.
- St. James's Place U.K. PLC
- SW Funding PLC
- HBOS PLC
- Lloyds Banking Group PLC
Action: Outlook: Negative
Action: Removed From CreditWatch
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
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