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Announcement:

Moody's reviews Lloyds TSB's A1/ C- ratings for possible downgrade

09 Nov 2011

P-1 short term rating affirmed

London, 09 November 2011 -- Moody's Investors Service has today placed on review for possible downgrade the C- bank financial strength rating (BFSR) and A1 senior unsecured debt and deposit rating of Lloyds TSB Bank plc, the A2 senior debt rating of Lloyds Banking Group, certain junior securities and related group entities. For a full list of affected ratings see below.

RATINGS RATIONALE

The review has been prompted by the significant upheaval within Lloyds' senior management , following the announcement that the current CEO, António Horta-Osório, has had to take a temporary leave of absence. Moody's is concerned that the group may face a major challenge in ensuring continuity of leadership, given that (i) the CEO has only been in place since March 2011; and (ii) there have been several high-level management changes since his arrival, including the announcement that the current CFO will leave in February 2012. The situation is exacerbated by the fact that it comes at a time of turbulent conditions in the financial markets and the necessity for Lloyds to execute important tasks, including the EU-mandated sale of branches and the ongoing wind-down of non-core assets.

The review will focus on Lloyds' board's ability to quickly regain stability within the senior management team and the efficacy of any new senior leadership arrangements.

WHAT COULD CHANGE THE RATING UP/ DOWN

There is currently no upward rating pressure, as reflected in the review for downgrade.

In addition to the factors described above, the standalone BFSR could come under downward rating pressure if the group faces sharply higher impairments/ and or credit losses leading to a requirement for additional capital support. The debt ratings could be downgraded as a result of any future further reduction in systemic support assumptions for large, complex UK banks.

AFFECTED RATINGS

The following ratings have been placed under review for possible downgrade:

Lloyds TSB Bank:

A1 senior debt and deposit rating

C- Bank Financial Strength Rating (mapping to Baa1 on the long-term scale)

Baa2 senior subordinated debt

Lloyds Banking Group: A2 senior debt rating

Bank of Scotland:

A1 senior debt and deposit rating

Baa2 senior subordinated rating

HBOS:

A2 senior debt rating

Baa3 senior subordinated debt

Lloyds TSB Offshore: A2 deposit rating

The Must-Pay hybrid instruments within Lloyds Banking Group (including the Enhanced Capital Notes) have also been placed under review for possible downgrade, as these instruments are notched down from the BFSR (for more information on the hybrid securities and their ISINs, please refer to Moody's press release of 23rd November 2009 "Moody's concludes rating action on Lloyds hybrid and junior subordinated debt").

The following ratings have been affirmed:

Lloyds TSB Bank: P-1

May-Pay hybrid instruments within Lloyds Banking Group, as these instruments are rated on an Expected Loss basis

The methodologies used in this rating were Bank Financial Strength Ratings: Global Methodology published in February 2007, and Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology published in March 2007. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

The rating has been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

Information sources used to prepare the rating are the following : parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing this review.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Elisabeth Rudman
Senior Vice President
Financial Institutions Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Johannes Wassenberg
MD - Banking
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's reviews Lloyds TSB's A1/ C- ratings for possible downgrade
No Related Data.
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