Moody’s upgrades Lloyds Bank

Moody's Investors Service said it upgraded Lloyds Bank plc’s long-term deposit ratings and long-term senior unsecured debt ratings by one notch to Aa3 from A1.

The standalone baseline credit assessment was upgraded to a3 from baa1.

The agency also upgraded the ratings on the senior unsecured debt issued by the bank's holding company, Lloyds Banking Group plc (LBG), to A3 from Baa1.

The outlook on the bank's and holding company's long-term ratings was changed to stable from under review.

The bank's short-term ratings were affirmed at Prime-1, the counterparty risk assessment at Aa3(cr) and the short-term counterparty risk assessment at Prime-1(cr).

This concludes Moody's review for upgrade that began on Aug. 2.

Moody’s said the upgrade of the baseline credit assessment to a3 reflects Lloyds' improved asset risk, stable capital levels and the expectation that Lloyds' profitability will continue to increase as the bank benefits from lower legacy conduct charges and cost reductions, despite the agency's expectations of a more challenging macroeconomic environment ahead.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.