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  1. Wealth
February 24, 2009

FT: Lloyds has credit rating downgraded

By Spear's

Lloyds Banking Group suffered another blow on Monday when it lost its long-held Aaa credit rating from Moody’s amid continued worries about accelerating losses from HBOS.

From the Financial Times:

Lloyds Banking Group suffered another blow on Monday when it lost its long-held Aaa credit rating from Moody’s amid continued worries about accelerating losses from HBOS.

The cut in Moody’s long-term rating on the bank was accompanied by a bleak warning by the credit rating agency of the challenges facing Lloyds and the risk of more asset writedowns, putting extra pressure on its share price.

The shares tumbled 21 per cent before rallying in volatile trading to close 8 per cent lower at 56.4p. The fall comes after a share price collapse on Friday when Lloyds warned that HBOS, which it took over on January 19, had suffered a £10bn loss in 2008.

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Gordon Brown on Monday sought to damp speculation that Lloyds was set to come under majority public ownership. The prime minister’s spokesman stated: “While nothing is ruled out, no active consideration is being given to the nationalisation of Lloyds.”

To read the full article, visit ft.com
 

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