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S&P rates Lloyds notes AAA
Standard & Poor's said it assigned its AAA long-term debt rating to notes issued by Lloyds TSB Bank plc, and guaranteed by the U.K. government, under Lloyds' new £6 billion debt issuance program.
According to S&P, the guarantee relates to the National Loan Guarantee Scheme, which the U.K. government announced on March 20, and Lloyds' related debt program.
S&P said it has determined that the U.K. government's guarantee under the national loan guarantee is consistent with the agency's criteria for rating substitution. As a result, the agency said the ratings on the issues that are backed by this guarantee will be equalized with the AAA long-term rating on the U.K.
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