Despite governments' and central banks' measures to contain the COVID-19 pandemic, global economies face an unprecedented challenge and there are substantial downside risks. We are therefore revising our outlook on Lloyds Banking Group plc (Lloyds) and related entities to negative from stable. We are affirming our issuer and issue ratings because Lloyds' robust balance sheet and prudent risk management are significant mitigants to the adverse operating environment. The negative outlook reflects potential earnings pressures arising from the economic and market impact of the COVID-19 pandemic. On April 23, 2020, S&P Global Ratings revised its outlook on Lloyds Banking Group plc (Lloyds) and related entities to negative from stable. The related entities include Lloyds Bank PLC, Bank of Scotland PLC, and
