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S&P Credit Research9294 word report
published Jun 03, 2009
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S&P Credit Research
| Abstract: | Government ownership Forthcoming entry to Asset Protection Scheme Diversified global bank Realistic new strategy Capital Loss making Credit risk Reputational damage Execution risk arising from new strategy Need to reduce wholesale funding reliance The ratings on The Royal Bank of Scotland Group PLC (RBSG)--the ultimate holding company of The Royal Bank of Scotland PLC (RBS; A+/Stable/A-1) primarily reflect the strong support received from the U.K. government (AAA/Negative/A-1+). RBSG is currently about 70% owned by the state and its forthcoming entry into the government's Asset Protection Scheme (APS) will in our opinion further support RBSG's capitalization and provide significant insurance risk against outsized losses on over £300 billion of RBSG's assets. The ratings remain impacted by our view of reputational damage
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| Brief Excerpt: | RESEARCH Ratings Definitions Royal Bank of Scotland Group PLC (The) Publication date: 03-Jun-2009 Primary Credit Analyst: Nigel Greenwood, London (44) 20-7176-7211; nigel_greenwood@standardandpoors.com Secondary Credit Analyst: Nick...
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| Report Type: | Full Report
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| Ticker: | RBS@LN
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| Issuer: | Royal Bank of Scotland Group PLC (The)
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| GICS: | Diversified Banks (40101010)
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| Sector: | Global Issuers, Public Finance, Structured Finance
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| Country: | United Kingdom
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| Region: | United States
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
Also from S&P Credit Research
- S&PCORRECT: Ratings On Three Royal Bank of Scotland Government-Guaranteed Issues Raised To 'AAA' $100.00
LONDON (Standard&Poor's) Nov. 16, 2009--Standard&Poor's Ratings Services today corrected an error relating to three U.K. government-guaranteed notes issued by The Royal Bank of Scotland PLC (A+/Stable/A-1) (please see the Ratings List below ...
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- Royal Bank of Scotland Ratings Affirmed On Asset Protection Scheme And State Aid Outcomes; Various Hybrid Rating Actions $100.00
The Royal Bank of Scotland Group PLC (RBSG) today announced the revised terms of its participation in the U.K. government asset protection scheme (GAPS) and the outcome of the European Commission's state aid ruling. As a result, we are affirming ...
- Research Update: Royal Bank of Scotland Ratings Affirmed On Asset Protection Scheme And State Aid Outcomes; Various Hybrid Rating Actions $175.00
The Royal Bank of Scotland Group PLC (RBSG) today announced the revised terms of its participation in the U.K. government asset protection scheme (GAPS) and the outcome of the European Commission's state aid ruling. As a result, we are affirming ...
- Royal Bank Of Scotland Group PLC Ratings Unaffected Following Announcement Of First-Half 2009 Results $100.00
LONDON (Standard&Poor's) Aug. 7, 2009--Standard&Poor's Ratings Services said today that its ratings and outlook on The Royal Bank of Scotland Group PLC (RBSG; A/Stable/A-1) and related entities are unaffected by today's announcement of an operating ...
- Summary: Royal Bank of Scotland Group PLC (The) $175.00
The ratings on The Royal Bank of Scotland Group PLC (RBSG)--the ultimate holding company of The Royal Bank of Scotland PLC (RBS; A+/Stable/A-1) primarily reflect the strong support received from the U.K. government (AAA/Negative/A-1+). RBSG ...
- The Royal Bank of Scotland Group PLC Ratings Unaffected By Proposed Exchange Offers For Various Hybrid Instruments $100.00
LONDON (Standard&Poor's) March 27, 2009--Standard&Poor's Ratings Services said today that it viewed The Royal Bank of Scotland Group PLC's (RBSG; A/Stable/A-1) proposed exchange and tender offers for various Tier 1 and Upper Tier 2 Perpetual ...
- Ratings On Various Royal Bank of Scotland Group Hybrid Securities Lowered $100.00
LONDON (Standard&Poor's) March 24, 2009--Standard&Poor's Ratings Services said today that it lowered its ratings on various hybrid capital securities (Hybrids) issued by The Royal Bank of Scotland Group PLC (RBSG; A/Stable/A-1) by one notch ...
