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S&P Credit Research8469 word report
published Sep 10, 2008
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S&P Credit Research
| Abstract: | Leading franchise in U.K. financial services Strong risk-adjusted earnings Good revenue momentum and tight cost control Relatively prudent underwriting standards underpinning good credit quality Capitalization significantly improved, but still weak relative to similarly rated peers according to Standard&Poor's Ratings Services' measures Relatively large exposure to unsecured retail lending, which may be vulnerable in a significant economic downturn Little international diversification compared with many similarly rated peers resulting in high concentration in the U.K., which is showing signs of weakness The ratings on Lloyds TSB Group PLC (LTSBG) reflect its leading U.K. financial services franchise, strong returns, good revenue momentum, and tight cost control. Relatively prudent underwriting standards have limited LTSBG's exposure to higher risk assets. The ratings also
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| Brief Excerpt: | RESEARCH Ratings Definitions Lloyds TSB Group PLC Publication date: 10-Sep-2008 Primary Credit Analyst: Nick Hill, London (44) 20-7176-7216; nick_hill@standardandpoors.com Secondary Credit Analyst: Richard Barnes, London (44) 20-7176-7227;...
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| Report Type: | Full Report
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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.
Also from S&P Credit Research
- Lloyds Banking Group 'A/A-1' Ratings Affirmed On Announced Capital Raising Plan; Various Actions Taken On Hybrid Issues $100.00
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 ...
- Research Update: Lloyds Banking Group 'A/A-1' Ratings Affirmed On Announced Capital Raising Plan; Various Actions Taken On Hybrid Issues $175.00
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 ...
- Lloyds Banking Group PLC $400.00
Government support, which includes a 43% common equity stake. Expected entry to the government asset protection scheme. Major U.K. financial services franchise. Very high credit losses. Relatively high reliance on wholesale funding. Weak near-term ...
- Summary: Lloyds Banking Group PLC $175.00
The ratings on Lloyds Banking Group PLC (Lloyds)--the ultimate holding company of Lloyds TSB Bank PLC and Bank of Scotland PLC (both rated A+/Stable/A-1)--reflect our view of its high systemic importance, part ownership and material support ...
- Lloyds Banking Group PLC Ratings Unaffected Following Announcement Of First-Half 2009 Results $100.00
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 ...
- Ratings On Lloyds Banking Group Hybrids Lowered $100.00
LONDON (Standard&Poor's) March 24, 2009--Standard&Poor's Ratings Services said today that it lowered its ratings on certain perpetual subordinated hybrid capital instruments (Instruments) issued by core banks and insurers within the Lloyds ...
- Lloyds Banking Group PLC Pre-Announces Weaker-Than-Expected 2008 Result From HBOS PLC; Outlook Remains Negative $100.00
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 ...
- Rating Implications Of U.K. Government Capital Injections Into Certain Major U.K. Banks $100.00
LONDON (Standard&Poor's) Oct. 13, 2008--Standard&Poor's Ratings Services said today that it affirmed its 'AA-/A-1+' counterparty credit ratings on Barclays PLC and Lloyds TSB Group PLC and its 'A+/A-1' counterparty credit ratings on HBOS PLC ...
