LONDON (Standard&Poor's CreditWire) June 23, 1999--Standard&Poor's today affirmed its short-term counterparty credit rating on Lloyds Bank PLC. The 'A-1'-plus ratings on Lloyds Bank's $3 billion U.S. commercial paper program and its certificates of deposit also are affirmed. At the same time, Standard&Poor's has affirmed its ratings on National Bank of New Zealand Ltd., a 100% subsidiary of Lloyds TSB Group PLC (Lloyds Bank's parent), and on NBNZ International Ltd. (guaranteed by National Bank of New Zealand Ltd.). The outlook on National Bank of New Zealand Ltd. is stable. (See list below for all rating actions.) The rating action follows today's announcement that Lloyds TSB has entered into an agreement with Scottish Widows' Fund&
