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S&P Credit Research863 word report
published Feb 16, 2009
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S&P Credit Research
| Abstract: | LONDON (Standard&Poor's) Feb. 16, 2009--Standard&Poor's Ratings Services said today that its ratings and outlook on U.K. bank Lloyds Banking Group PLC (LBG; A+/Negative/A-1) are unaffected by the pre-announcement on Feb. 13, 2009, of estimated earnings for 2008. LBG was formed in January 2009 upon the completion of Lloyds TSB's acquisition of HBOS PLC (A+/Negative/A-1). The result pre-announcement stated that HBOS made a statutory pretax loss of about £10 billion in 2008, excluding the policyholder tax charge. Lloyds TSB made a statutory pretax profit of about £1.3 billion, excluding the policyholder interests volatility charge. HBOS' performance in 2008 appears weaker than expected, which seems to be principally the result of higher-than-expected impairments on corporate exposures and write-downs
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| Brief Excerpt: | RESEARCH Ratings Definitions Lloyds Banking Group PLC Pre-Announces Weaker-Than-Expected 2008 Result From HBOS PLC; Outlook Remains Negative Publication date: 16-Feb-2009 Primary Credit Analysts: Nick Hill, London (44) 20-7176-7216;...
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| Report Type: | News
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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, Public Finance, Structured Finance
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| Country: | United Kingdom
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| Region: | Europe, Middle East, Africa
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| Free Sample: |
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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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