This is Moody's Investor Service downgrading the credit ratings of some of Britain's biggest banks. Lloyds Banking Group, Santander UK, Royal Bank of Scotland, Co-operative Bank, Nationwide and seven smaller building societies are affected.
A Lloyds spokesman said: "It is important to note that both the stand-alone rating and short-term ratings remain unchanged. We believe this change will have minimal impact on our funding costs". So that's alright then?
COMMENT: "A FUTILE GESTURE" THREAD