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S&P Credit Research1132 word report
published Jul 30, 2008
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S&P Credit Research
| Abstract: | LONDON (Standard&Poor's) July 30, 2008--Standard&Poor's Ratings Services said today that its ratings and outlooks on Lloyds TSB Group PLC (LTSB; AA-/Stable/A-1+) and Lloyds TSB Bank PLC (AA/Stable/A-1+) were unchanged following the announcement of results for the first half of 2008. Statutory earnings were weaker than expected at just £599 million before tax, compared to £2 billion for the first half of 2007. This largely reflects considerable accounting volatility in the life insurance unit (Scottish Widows PLC (AA-/Positive/--)) as the performance of the equity and bond markets diverged markedly from long run rates of return. These items, including policyholder tax provisions, which have no impact on net earnings, reduced pretax profit by £794 million. On top of
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| Brief Excerpt: | RESEARCH Ratings Definitions Lloyds TSB Ratings Unaffected By Announced Results For First-Half 2008 Publication date: 30-Jul-2008 Primary Credit Analyst: Nick Hill, London (44) 20-7176-7216; nick_hill@standardandpoors.com Secondary...
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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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