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DBRS revises trend on Lloyds, units to positive

DBRS confirmed Lloyds Banking Group PLC's A long-term issuer and senior debt ratings and R-1 (low) short-term issuer and debt ratings and revised the trend on the ratings to positive from stable.

The agency said the trend revision reflects the group's "improving profitability and the reduction of the drag on statutory earnings from legacy conduct issues, as well as its achieved efficiency targets and cost savings progress."

DBRS also revised to positive from stable the trends on certain ratings of some Lloyds units, including the A (high) long-term issuer and senior debt ratings of Lloyds Bank PLC, Bank of Scotland PLC and HBOS PLC. It also revised to positive from stable the trends on the long-term deposits rating of Lloyds Bank and Bank of Scotland. DBRS also changed the trend on Lloyds Bank's AA long-term critical obligations rating to positive from stable and confirmed its R-1 (middle) short-term issuer, debt and deposit ratings and R-1 (high) short-term critical obligations rating, with a stable trend.

Additionally, Bank of Scotland's R-1 (middle) short-term debt and deposit ratings were confirmed with a stable trend, while the trend on HBOS' R-1 (low) short-term issuer and debt ratings were changed to positive from stable.