Lloyds continues to perform solidly thanks to its deep U.K. franchise, even amid slow domestic growth and volatile international conditions. The bank's U.K.-focused balance sheet, with a stable and profitable deposit base, predictable asset quality, and disciplined risk appetite continue to underpin the ratings. We affirmed our 'BBB+/A-2'long- and short-term issuer credit ratings on Lloyds Banking Group PLC, the group nonoperating holding company, and our ratings on selected subsidiaries (see Ratings List below). The outlook remains stable. On May 27, 2025, S&P Global Ratings affirmed its 'BBB+/A-2' long- and short-term issuer credit ratings on U.K.- incorporated Lloyds Banking Group PLC. The outlook is stable. At the same time, we affirmed our ratings on selected subsidiaries, including the 'A+/A-1' issuer credit
