| Abstract: | 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 reflect LTSBG's weaker capitalization compared with similarly rated peers, its large exposure to unsecured lending, and its almost singular focus on the U.K., which is showing increased signs of weakness. LTSBG is the fifth-largest U.K.-incorporated banking group by total assets, but has the second-largest retail branch network. Together with considerable presences in the insurance (through Scottish Widows PLC; AA-/Positive/--) and wholesale banking markets, LTSBG has a leading franchise in U.K. financial services. LTSBG's earnings are strong, with good risk-adjusted returns across
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: Lloyds TSB Group PLC Publication date: 28-Aug-2008 Primary Credit Analyst: Nick Hill, London (44) 20-7176-7216; nick_hill@standardandpoors.com Secondary Credit Analyst: Richard Barnes, London...
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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: | Financial Institutions, Global Issuers, High Technology, Residential MBS, 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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| Format: | | HTML |  |
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