LONDON (Standard&Poor's) Nov. 25, 2002--Standard&Poor's Ratings Services said today it affirmed its 'AA/A-1+' counterparty credit ratings on U.K.-based financial services group Lloyds TSB Bank PLC. At the same time, Standard&Poor's revised its outlook on Lloyds TSB Bank and related entities to negative from stable. "A negative outlook is not necessarily a precursor to a downgrade," said Standard&Poor's credit analyst Michelle Brennan. "The negative outlook reflects Lloyds TSB Bank's reduced core capital flexibility, which has been caused by the impact of equity market weakness on its life assurance subsidiary, Scottish Widows PLC (Widows; not rated). The group's life assurance operations form a significant part of the group." Standard&Poor's notes that Widows
