Abstract: On Oct. 6, 2008, Standard&Poor's Ratings Services lowered its long- and short-term counterparty credit ratings on U.K. bank holding company The Royal Bank of Scotland Group PLC (RBSG) to 'A+/A-1' from 'AA-/A-1+'. At the same time, Standard&Poor's lowered its long-term counterparty credit ratings on RBSG's main rated subsidiaries The Royal Bank of Scotland PLC (RBS), National Westminster Bank PLC, Ulster Bank Ltd., and Ulster Bank Ireland Ltd. to 'AA-' from 'AA'. In addition, the 'A-1+' short-term counterparty credit ratings on these rated subsidiaries were affirmed. Moreover, Standard&Poor's lowered its long- and short-term counterparty credit ratings on RBSG's main U.S. subsidiary RBS Citizens NA to 'A+/A-1' from 'AA-/A-1+'. The outlooks on all these entities are

Brief Excerpt: RESEARCH Ratings Definitions Research Update: Royal Bank of Scotland PLC L-T Rating Lowered To '##-' On Financial Profile; Outlook Neg Publication date: 06-Oct-2008 Primary Credit Analyst: Nigel Greenwood, London (44) 20-7176-7211;...

Report Type: Research Update
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
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.