lloyds torna a pagare cedole e s&p aumenta rating subordinati
Feb 08 - Standard & Poor's Ratings Services said today that it has raised the ratings on 40 'C' rated hybrid capital securities issued by Lloyds Banking Group (Lloyds; A-/Stable/A-2) and related entities. The counterparty credit ratings on Lloyds and related entities are not affected by this action.
On Feb. 7, 2012, Lloyds resumed its coupon payment on a GBP4.583 million Tier 1 hybrid issued by LTSB Capital 2 L.P. (guaranteed by Lloyds TSB Bank PLC ; A/Stable/A-1). We have raised the rating on this particular issue to 'BB+' from 'C'. This is the first payment by Lloyds and related entities of a discretionary coupon or dividend on hybrids since Lloyds was prohibited from doing so under the terms of an agreement with the European Commission. This two-year prohibition ended on Jan. 31, 2012.
Now that the prohibition period has ended and we have seen evidence that Lloyds has recommenced payment on affected securities, we consider that Lloyds will recommence coupon or dividend payment on all of the affected securities over the coming year. We have therefore decided to raise the ratings on all of the affected securities today. The revised ratings for these issues are 'BB+' for those hybrids either issued or guaranteed by Lloyds TSB Bank PLC or Bank of Scotland PLC (A/Stable/A-1). This rating is two notches below the 'bbb' stand-alone credit profile which we have assigned to Lloyds TSB Bank PLC. We have also raised the ratings on hybrids either issued or guaranteed by holding companies Lloyds Banking Group and HBOS PLC (A-/Stable/A-2) to 'BB'. In both instances, the issue ratings on these hybrids have reverted to the same level as the existing issue ratings on "must pay" hybrids which were not affected by the EC arrangement. We see no reason at this time to differentiate between their future likelihood of payment.
For more information on individual hybrid instruments affected, please see our related article "Standard & Poor's Lists Hybrid Capital Issue Ratings Of Lloyds Banking Group PLC From February 8 Rating Actions," published on Feb. 8, 2012 on RatingsDirect.
RELATED CRITERIA AND RESEARCH
-- Standard & Poor's Lists Hybrid Capital Issue Ratings Of Lloyds Banking Group PLC From February 8 Rating Actions, Feb. 8, 2012
-- Lloyds TSB Bank PLC Long-Term Rating Lowered To 'A' On Bank Criteria Change; Outlook Stable, Nov. 29, 2011
TEXT-S&P raises certain Lloyds Banking Group hybrid rtgs | Reuters