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S&P Credit Research1087 word report
published Aug 05, 2009
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S&P Credit Research
| Abstract: | LONDON (Standard&Poor's) Aug. 5, 2009--Standard&Poor's Ratings Services said today that its ratings and outlook on Lloyds Banking Group PLC (Lloyds; A/Stable/A-1) and related entities are unaffected by today's announcement of a large underlying loss for the first half of 2009. Lloyds reported a £6.0 billion pretax profit for the first half, but this includes significant nonrecurring items and accounting volatility, particularly a £11.2 billion negative goodwill credit arising from the January 2009 acquisition of HBOS PLC (A/Stable/A-1). Excluding the exceptional items identified by Lloyds and gains from subordinated debt exchange offers, there was an underlying pretax loss of £4.7 billion. This compares with a £2.8 billion pro forma profit for the first half of 2008. As
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| Brief Excerpt: | RESEARCH Ratings Definitions Lloyds Banking Group PLC Ratings Unaffected Following Announcement Of First-Half 2009 Results Publication date: 05-Aug-2009 Primary Credit Analyst: Richard Barnes, London (44) 20-7176-7227; richard_barnes@standardandpoors.co...
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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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