Lloyds and RBS CDS spreads steady despite downgrade

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Credit default swap (CDS) spreads on Royal Bank of Scotland (RBS) and Lloyds Banking Group remained stable today, despite the downgrade of both firms by Moody's Investors Service.

The rating agency changed RBS's credit rating from A1 to Aa3, while Lloyds was moved from A1 to Aa3. Ten other smaller UK banks were also downgraded. However, the cost of insuring against an RBS default has actually declined slightly this week, moving from 384 basis points at close of play on Monday to 362bp by 12pm

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