Credit ratings

Standard & Poor's

	Short Term	Long Term	Outlook	Full Report
HBOS plc	A-1+	AA-	Negative	Oct 2007 full report ,  May 2008 summary report , June 2008 outlook update , July 2008 Interim Results report
Bank of Scotland plc	A-1+	AA	Negative	-

Link to the Standard & Poors website .

Moody's

	Short Term	Long Term	Outlook	Full Report
HBOS plc	P-1	Aa2	Negative	Preliminary Results 2007 Report , Apr 2008 Outlook update , Aug 2008 Full Report
Bank of Scotland plc	P-1	Aa1	Negative	Aug 2008 Full Report

Link to the Moody's website.

Fitch

	Short Term	Long Term	Outlook	Full Report
HBOS plc	F1+	AA+	Negative	Preliminary Results 2007 report , Apr 2008 Outlook update , May 2008 full report
Bank of Scotland plc	F1+	AA+	Negative	-

Link to the Fitch website

DBRS

	Short Term	Long Term	Outlook	Full Report
HBOS plc	R-1 (High)	AA (High)	Negative	Sep 2007 full report ,  Preliminary Results 2007 report , May 2008 Outlook update , July 2008 Rights Issue update , Aug 2008 Interim Results report
Bank of Scotland plc	R-1(High)	AA (High)	Negative	-

Link to the DBRS website .

Definition of credit ratings of HBOS plc

Standard & Poor's 

An issuer rated AA has very strong capacity to meet its financial commitments. A-1+ is the highest category and indicates the obligors capacity to meet its financial commitments on those obligations is extremely strong.

Moody's

Bonds rated Aa2 offer excellent financial security. Together with the Aaa group, they constitute what are generally known as high-grade entities. The modifier 2 indicates a mid-range ranking.

Fitch

Very high credit quality. 'AA' ratings denote a very low expectation of credit risk. They indicate very strong capacity for timely payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

DBRS

An issuer rated: R-1 (High) is of the highest credit quality and indicates an entity possessing unquestioned ability to repay current liabilities as they fall due.