DBRS: Lloyds unchanged

DBRS said that the ratings for Lloyds Banking Group plc, including its issuer and long-term debt rating of A (high), and the ratings of Lloyds TSB Bank plc, including its senior debt and deposits rating of AA (low), are unaffected by the group's 1Q11 interim management statement.

The trend is stable.

Despite a statutory loss, which reflected the impact of a one-time non-operating item, Lloyds' results indicate continued progress towards achieving the group's strategic initiatives, which include strengthening and right sizing the balance sheet and further transforming the funding profile, the agency said.

For the quarter, Lloyds reported a statutory pre-tax loss of £3.5 billion, which included a £3.2 billion provision charge for potential costs of customer contact and redress related to payment protection insurance complaints, the agency added.

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