LONDON -- Standard&Poor's CreditWire -- 10/13/95 -- Standard&Poor's places the ratings of Lloyds Bank PLC (Lloyds) and units on CreditWatch with negative implications and the ratings of TSB Bank PLC on CreditWatch with positive implications (see list below). The ratings of the two banks will be equalized upon completion of the merger. The rating action follows the announcement on Oct. 11, 1995, that Lloyds Bank PLC and TSB Group PLC (TSB) have reached agreement on the terms of a proposed merger of the two groups (the Group). Although Standard&Poor's believes that the strategic rationale for the merger is sound, the transaction has negative implications for the capitalization of the enlarged Group, given that the
