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S&P Credit Research1803 word report
published Nov 03, 2009
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S&P Credit Research
| Abstract: | 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 the counterparty credit ratings on RBSG and related entities. We are lowering the ratings on hybrid capital instruments with fully discretionary coupons issued by RBSG and related entities to 'CC'. We are placing the other hybrid issues on CreditWatch with developing implications pending confirmation of whether future coupons are likely to be paid. We are placing deferrable Lower Tier 2 issues on CreditWatch with negative implications. The stable outlook on RBSG reflects both our expectation that the U.K. government will
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| Brief Excerpt: | RESEARCH Ratings Definitions Royal Bank of Scotland Ratings Affirmed On Asset Protection Scheme And State Aid Outcomes; Various Hybrid Rating Actions Publication date: 03-Nov-2009 Primary Credit Analyst: Richard Barnes, London (44)...
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| Report Type: | Ratings Action
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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, 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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- 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
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- 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 ...
- Royal Bank of Scotland Group PLC (The) $400.00
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 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 ...
