...NEW YORK (Standard & Poor's) July 14, 2009--Standard & Poor's Ratings Services today corrected its ratings on three bond issues supported by Lloyds TSB Bank PLC letters of credit (LOCs) by lowering the ratings to 'A+/A-1' from '##-/A-1+' (see list). The ratings on the three affected bond issues are based on the rating on Lloyds TSB Bank ('A+/A-1'). The LOCs for the three transactions provide for the timely payment of interest and principal on the bonds according to each transaction's terms. Due to an administrative error, the ratings on the three bond issues were not lowered contemporaneously with the March 6, 2009, lowering of our long- and short-term issuer credit ratings on Lloyds TSB Bank to 'A+/A-1' from '##-/A-1+'. RELATED RESEARCH + "Methodology And Assumptions: Approach To Evaluating Letter Of Credit-Supported Debt," published July 6, 2009; and + "Lloyds TSB Bank, Bank of Scotland L-T Ratings Cut To 'A+' On Deteriorating Environment; Outlook Stable," published March 6, 2009. RATINGS...
