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S&P Credit Research1526 word report
published Sep 25, 2009
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S&P Credit Research
| Abstract: | 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 by the U.K. government (United Kingdom; AAA/Negative/A-1+), as well as our expectations for the evolution of its stand-alone credit profile (SACP). The ratings are affected by our view of its elevated credit risk, material reliance on wholesale funding, and weak earnings prospects. Unlike many key rating peers, Lloyds is largely reliant upon one geographic market, the U.K., which we view as a challenged market and this impacts our expectations for a near-term recovery in Lloyds' earnings. With over £1 trillion of reported assets ($1.75
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: Lloyds Banking Group PLC Publication date: 25-Sep-2009 Primary Credit Analyst: Nigel Greenwood, London (44) 20-7176-7211; nigel_greenwood@standardandpoors.com Secondary Credit Analyst: Richard...
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| Report Type: | Summary
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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, 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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