Following a review of Lloyds TSB Bank PLC (Lloyds) under Standard&Poor's revised bank criteria (published on Nov. 9, 2011), we have lowered our long-term ratings on Lloyds TSB Bank PLC (Lloyds) to 'A' from 'A+'. The outlook is stable. Other rating actions on debt issues and subsidiaries are listed below. Our ratings on Lloyds reflect our view of its strong business position, moderate capital and earnings, moderate risk position, average funding, and adequate liquidity. The ratings also reflect our view of Lloyds' "high" systemic importance in the U.K. and our assessment of the U.K. government as "supportive", as defined by our criteria. The long-term rating also incorporates an additional notch above the stand-alone credit profile in recognition of
