S&P Comments On Royal Bank of Scotland's Record Loss, Restructuring Plan, And Entry To Asset Protection Scheme - 2009/03/09 - S&P Credit Research

Report title: S&P Comments On Royal Bank of Scotland's Record Loss, Restructuring Plan, And Entry To Asset Protection Scheme

from S&P Credit Research
1692 word report published Mar 09, 2009

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Abstract:

LONDON (Standard&Poor's) March 9, 2009--On Feb. 26, 2009, U.K. bank holding company The Royal Bank of Scotland Group PLC (RBSG; A/Stable/A-1; main operating entities rated A+/Stable/A-1) made multiple announcements covering its 2008 results, wide-ranging restructuring plan, and its planned access to the U.K. government's Asset Protection Scheme (APS). In our view, these major developments reinforce our opinion that the counterparty credit ratings on RBSG remain strongly supported by the U.K. government, that its stand-alone creditworthiness is weaker than most major global banking peers, and that its earnings prospects over the two-year outlook time horizon will be very difficult. That said, in our opinion the restructuring plan does appear to provide a sensible roadmap for RBSG to gradually rebuild

Brief Excerpt:

RESEARCH Ratings Definitions S&P Comments On Royal Bank of Scotland's Record Loss, Restructuring Plan, And Entry To Asset Protection Scheme Publication date: 09-Mar-2009 Primary Credit Analyst: Nigel Greenwood, London (44) 20-7176-7211;...

Report Type:

News

Ticker:

RBS@LN

Issuer:

Royal Bank of Scotland Group PLC (The)

GICS:

Diversified Banks (40101010)

Sector:

Global Issuers, Public Finance, Structured Finance

Country:

United Kingdom

Region:

United States

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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.

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