In the above snapshot, the 'SACP' reflects the unsupported group credit profile of the Lloyds group. The bank holding company rating shown applies to Lloyds Banking Group PLC. The issuer credit rating applies to its two core operating subsidiaries: Lloyds Bank PLC and Bank of Scotland PLC. Leading franchise in U.K. retail banking and strong positions in U.K. commercial and corporate banking, and insurance. Efficient operating model should support business stability and good relative profitability in the coming years Supportive capitalization, funding and liquidity profiles. Expected weaker economic conditions following U.K. vote to exit the EU. Still rebuilding statutory profitability, although the drag on earnings from nonrecurring items is declining. The negative outlook reflects the negative trend we see for
