In the context of Scope Ratings’ strategy of focussing on the needs of institutional investors, Scope will offer its unsolicited bank and covered bond credit ratings on a subscription basis only via its credit intelligence platform.

Scope also affirmed all other existing ratings and assigned a new Issuer Rating of A to Lloyds Bank Corporate Markets, the future non-ring-fenced bank; all ratings with Stable Outlook.

Rating upgrade reflects Scope’s view of these banks’ reassuring liquidity dynamics, positively impacted by European supervisors’ enhanced focus on bank liquidity and funding.

Ratings apply to existing commercial paper and certificate of deposit programmes; these banks already carry short-term ratings from Scope. Aggregate amount of rated programmes is equivalent to over EUR 820bn.