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S&P Credit Research1868 word report
published Nov 03, 2009
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S&P Credit Research
| Abstract: | Lloyds Banking Group PLC (Lloyds) today announced a major capital raising exercise, its decision not to participate in the U.K. government asset protection scheme, the outcome of the European Commission's state-aid ruling, and an update on its third-quarter performance. We are affirming our counterparty credit ratings on Lloyds and its related entities. With the exception of issues from Lloyds' insurance subsidiaries, we are lowering our ratings on hybrid capital instruments with discretionary coupons to 'CC', and raising the ratings on other hybrid instruments to the 'BB' category. The stable outlook reflects our expectations that the U.K. government will remain supportive and that the stand-alone credit profile has potential to improve over the medium term. LONDON (Standard&Poor's) Nov. 3,
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| Brief Excerpt: | RESEARCH Ratings Definitions Lloyds Banking Group 'A/A-1' Ratings Affirmed On Announced Capital Raising Plan; Various Actions Taken On Hybrid Issues Publication date: 03-Nov-2009 Primary Credit Analyst: Nigel Greenwood, London (44)...
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| Report Type: | Ratings Action
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| Ticker: | LLOY@LN
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| Issuer: | Lloyds Banking Group PLC
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| GICS: | Diversified Banks (40101010)
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| Sector: | Global Issuers, Structured Finance
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| Country: | United Kingdom
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| Region: | Europe, Middle East, Africa
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
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