Summary: Ratings On Four Lloyds TSB Bank PLC SBPA-Backed And Assured Guaranty Municipal Corp.-Insured Issues Lowered To 'AA-/A-1'; Insured Liquidity; Multifamily Whole Loan Jan 12

Standard & Poors, January 2012

Abstract
Standard & Poor's Ratings Services lowered its ratings on four Lloyds TSB Bank PLC standby bond purchase agreement (SBPA)-backed and Assured Guaranty Municipal Corp.-insured U.S. public finance issues to 'AA-/A-1' from 'AA+/A-1'. These actions follow Standard & Poor's Nov. 29, 2011, downgrade of its ratings on Lloyds TSB Bank PLC and Assured Guaranty Municipal Corp. (AGM)to 'A/A-1' and 'AA-' from 'A+/A-1' and 'AA+', respectively, and removal of the rating on AGM from CreditWatch with negative implications (please see "Standard & Poor's Applies Its Revised Bank Criteria To 37 Of The Largest Rated Banks And Certain Subsidiaries," published Nov. 29, 2011, and "Assured Guaranty Ltd. And Operating Companies Downgraded; Outlook Stable," published Nov. 30, 2011, on RatingsDirect on the Global Credit...

Companies mentioned in this report are: New Jersey Hsg & Mtg Fin Agy,Assured Guaranty Municipal Corp.,Lloyds TSB Bank PLC
Action: Downgraded

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

New Jersey Hsg & Mtg Fin Agy,Assured Guaranty Municipal Corp.,Lloyds TSB Bank PLC

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