LONDON (Standard&Poor's) June 19, 2008--Standard&Poor's Ratings Services said today that it affirmed its 'AA/A-1+' long- and short-term counterparty credit ratings on U.K. bank Lloyds TSB Bank PLC (LTSB) and related entities following a review of ratings on all the major rated U.K. banks. The outlook remains stable. At the same time, the 'AA-' long-term counterparty credit rating on Scottish Widows PLC was affirmed. The outlook is positive. "The ratings on LTSB reflect its strong position in U.K. financial services, strong earnings streams, tight cost control, and good asset quality," said Standard&Poor's credit analyst Nick Hill. The ratings also reflect LTSB's weak--although improving--capitalization, and its higher dependence on the U.K., which results in lower diversification
