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Rating Action:

Moody's assigns definitive Aaa ratings to Series 21 Notes of the HBOS Treasury Services pls UK Covered Bond Programme

23 Feb 2007
Moody's assigns definitive Aaa ratings to Series 21 Notes of the HBOS Treasury Services pls UK Covered Bond Programme

Additional Issuance of USD 3 Billion of Debt Securities

London, 23 February 2007 -- Moody's Investors Service has assigned a definitive rating of Aaa to the twenty-first issuance of HBOS Treasury Services plc ("HBOS TS"). This is the twenty-first issuance under a Euro 40 billion UK Covered Bond programme established by HBOS TS.

The UK Covered Bonds are bonds directly issued by HBOS TS (Aa2 / Prime-1) and benefit from guarantees from HBOS plc ("HBOS") rated Aa2 and Bank of Scotland ("BOS"), rated Aa2 / Prime-1. In addition to the guarantees, the bonds are secured on a pool of prime UK residential mortgage loans (the "Asset Cover Pool") originated by Halifax plc.

The definitive rating addresses the expected loss posed to investors by the legal final maturity (the "Extended Due for Payment Date"). Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors.

Copies of Moody's programme report and performance overview for the HBOS UK Covered Bond Programme are available. Please call Moody's London client service desk on +44 (0)20 7772 5454, to order copies.

Madrid
Juan Pablo Soriano
Managing Director
Structured Finance Group
Moody's Investors Service Espana, S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Frederic Lelieur
Associate Analyst
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

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