On June 19, 2008, Standard&Poor's Ratings Services affirmed its 'AA/A-1+' long- and short-term counterparty credit ratings on U.K. bank Lloyds TSB Bank PLC (LTSB) and related entities following a review of ratings on all the major rated U.K. banks. The outlook remains stable. At the same time, the 'AA-' long-term counterparty credit rating on Scottish Widows PLC was affirmed. The outlook is positive. The ratings on LTSB reflect its strong position in U.K. financial services, strong earnings streams, tight cost control, and good asset quality. The ratings also reflect LTSB's weak--although improving--capitalization, and its higher dependence on the U.K., which results in lower diversification than many other 'AA' rated banks. Despite some losses, LTSB has notably fared better
