Moody's Investors Service downgraded debt rating of 12 U.K. financial institutions due to the low chances that the British government would help these institutions over the medium to long-term in the case that they need support, where the downgrade does not mirror any deterioration in the efficiency of either the banking system or the government.

The downgrade included Lloyds TSB Bank and Santander U.K. PLC which were cut by one notch to A1 from Aa3, while RBS PLC and Nationwide Building Society were lowered by two notches to A2 from Aa3.