S&PCORRECT: Lloyds Banking Group And Royal Bank of Scotland Group Pass-Through Securities Lowered - 2009/01/26 - S&P Credit Research

Report title: S&PCORRECT: Lloyds Banking Group And Royal Bank of Scotland Group Pass-Through Securities Lowered

from S&P Credit Research
651 word report published Jan 26, 2009

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Abstract:

LONDON (Standard&Poor's) Jan. 26, 2009--Standard&Poor's Ratings Services today corrected errors relating to two pass-through securities linked to preference shares of Lloyds Banking Group PLC (LBG; A+/Negative/A-1) and The Royal Bank of Scotland Group PLC (RBSG; A/Stable/A-1), respectively. The issuers of the securities are Saphir Finance PLC in the case of the LBG-related issue, and Argon Capital PLC in the case of the RBSG-related issue. The ratings on the underlying LBG and RBSG preference shares were lowered on Jan. 14, 2009, and Jan. 19, 2009, respectively, in line with the ratings on their other junior subordinated issues. However, due to administrative errors, the ratings on the Saphir and Argon pass-through securities were not lowered on these dates.

Brief Excerpt:

RESEARCH Ratings Definitions S&PCORRECT: Lloyds Banking Group And Royal Bank of Scotland Group Pass-Through Securities Lowered Publication date: 26-Jan-2009 Primary Credit Analysts: Nigel Greenwood, London (44) 20-7176-7211; nigel_greenwood@standardandp...

Report Type:

Ratings Action

Ticker:

RBS@LN

Issuer:

Royal Bank of Scotland Group PLC (The)

GICS:

Diversified Banks (40101010)

Sector:

Global Issuers, Structured Finance

Country:

United Kingdom

Region:

United States

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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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