...LONDON (Standard & Poor's) Feb. 26, 2015--Standard & Poor's Ratings Services said today that its ratings on The Royal Bank of Scotland Group plc (RBS; the main operating bank is rated A-/Watch Neg/A-2) are unaffected by the group's announcement of a large loss in 2014 and further restructuring of the business. RBS has announced a full year attributable loss of ú3.5 billion in 2014, which is the seventh straight year of losses. We note, however, that the 2014 loss related to a large fair value write-down on Citizens and deferred tax assets write-off, which do not affect our capital analysis. We understand that the bank reported an operating profit of ú3.5 billion in 2014 (which is reported after restructuring, conduct, and litigation costs of ú3.5 billion), compared with a loss of ú7.5 billion in the prior year. In our view, an impairment release of ú1.2 billion helped this improved performance. RBS has also announced a further reshaping of its investment bank, whose risk-weighted assets...
