Credit ratings

Standard & Poor's

	Short Term	Long Term	Outlook	Full Report
HBOS plc	A-1	A+	Credit Watch with developing implications	May 2008 summary report , June 2008 outlook update , July 2008 Interim Results report , Sept 2008 Research Update , Sept 2008 Update 2 , Sept 2008 Ratings Direct
Bank of Scotland plc	A-1+	AA-	Credit Watch with developing implications	-

Link to the Standard & Poors website .

Moody's

	Short Term	Long Term	Outlook	Full Report
HBOS plc	P-1	Aa2	On review for possible downgrade	Preliminary Results 2007 Report , Apr 2008 Outlook update , Aug 2008 Full Report , Sept 2008 Rating Action
Bank of Scotland plc	P-1	Aa1	On review for possible downgrade	Aug 2008 Full Report

Link to the Moody's website.

Fitch

	Short Term	Long Term	Outlook	Full Report
HBOS plc	F1+	AA	Watch Negative	Sept 2008 Rating Watch
Bank of Scotland plc	F1+	AA	Watch Negative	-

Link to the Fitch website

DBRS

	Short Term	Long Term	Outlook	Full Report
HBOS plc	R-1 (High)	AA (High)	Under review with negative implications	Sep 2007 full report ,  Preliminary Results 2007 report , May 2008 Outlook update , July 2008 Rights Issue update , Aug 2008 Interim Results report ; Sep 2008 Press Release
Bank of Scotland plc	R-1(High)	AA (High)	Under review with negative implications	-

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.