Tuesday, February 17, 2009

Economy: Lloyds in more trouble as credit rating removed

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.

Related i On Global Trends article: Banking: Lloyds TSB agrees to forfeit $350 million after acknowledging responsibility for its criminal conduct
Published by Mike Hitchen, Mike Hitchen Consulting
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