Fitch rates Lloyds notes BBB+

Fitch Ratings said it has assigned Lloyds Banking Group plc's (A/negative/F1) upcoming benchmark issue of 10-year dollar-denominated fixed-rate subordinated notes a BBB+(exp) expected rating.

The agency said that the Basel III tier 2 notes are rated one notch below the company’s A- viability rating to reflect their higher loss-severity risk relative to senior unsecured instruments due to their subordination.

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