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S&P Credit Research1466 word report
published Nov 03, 2009
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S&P Credit Research
| Abstract: | Lloyds Banking Group PLC announced that hybrid debt issued by its insurance subsidiaries is not subject to the same European Commission burden-sharing requirements as its banking entities. As a result, we are equalizing the ratings on all insurance hybrids at 'A-' to reflect our view that the risk of the European Commission forcing coupon deferral has lessened. The ratings and outlooks on the insurance subsidiaries themselves are unaffected by the announcement. LONDON (Standard&Poor's) Nov. 3, 2009--Standard&Poor's Ratings Services said today that it raised its ratings on several issues of hybrid debt at the insurance subsidiaries of Lloyds Banking Group PLC (LBG; A/Stable/A-1). All hybrids issued by Clerical Medical Finance PLC (CMF; not rated) and Scottish Widows
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| Brief Excerpt: | RESEARCH Ratings Definitions Ratings On Lloyds Banking Group's Insurance Subs' Hybrid Debt Equalized At 'A-' On Lower Risk Of Coupon Deferral Publication date: 03-Nov-2009 Primary Credit Analyst: Stephen Hadfield, London (44) 20-7176-7059;...
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| Report Type: | Ratings Action
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| Issuer: | Clerical Medical Finance PLC
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| GICS: | Asset Management & Custody Banks (40203010)
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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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