MELBOURNE (Standard&Poor's) May 30, 2003--Standard&Poor's Ratings Services said today that it is continuing to monitor the recent speculation that Lloyds TSB Bank PLC (AA/Negative/A-1+) is considering a sale of its wholly owned subsidiary The National Bank of New Zealand (NBNZ; AA-/Negative/A-1+). At this point in time, the speculation will not affect the ratings on either bank. Lloyds TSB has made no statement regarding a potential sale. While NBNZ's own business and financial profile is relatively solid and supportive of a solid investment-grade rating, the ratings on the bank would be lower without the benefit afforded by a higher rated parent. The ratings on NBNZ are supported by its 100% ownership and close integration with Lloyds TSB.
