We believe that Lloyds is gradually improving its stand-alone creditworthiness. At the same time, we believe that the U.K. banking industry is making good progress in its multi-year transformation toward a more predictable risk profile. As a result, we now see a stable trend for U.K. banking industry risk, which we had viewed as negative previously. We are affirming our 'A/A-1' counterparty credit ratings on Lloyds Bank PLC. The negative outlook reflects the possible removal of extraordinary government support from the long-term counterparty credit rating on Lloyds by year-end 2015. On May 22, 2014, Standard&Poor's Ratings Services affirmed its 'A/A-1' counterparty credit ratings on U.K.-based Lloyds Bank PLC. The outlook is negative. In addition, we affirmed our 'A-/A-2'
