LONDON (Standard&Poor's CreditWire) Jan. 26, 2000--Standard&Poor's today assigned its single-'A' rating to Lloyds TSB Capital 1 L.P.'s issue of euro 430 million step-up nonvoting, noncumulative preferred securities; as well as to Lloyds TSB Capital 2 L.P.'s issue of £250 million, step-up nonvoting, noncumulative preferred securities. Both of these issues bear a limited and subordinated guarantee from Lloyds TSB Bank PLC (double-'A'/Stable/'A-1'-plus). Lloyds TSB is a U.K.-based banking and financial services company. The preferred securities issues are rated three notches below the counterparty credit ratings on Lloyds TSB Bank PLC. This is because the securities could convert into preferred shares in the group holding company, Lloyds TSB Group PLC (not rated). This exchange would occur in the
