NatWest Group PLC

The stable outlook indicates that we expect NWG's credit profile to remain robust over our two-year outlook horizon. We anticipate that its earnings will remain strong and it will maintain solid funding and liquidity profiles. We could lower the ratings if economic pressures and geopolitical uncertainty appear likely to impair NWG's asset quality and earnings materially. Furthermore, any ongoing economic volatility that undermines the broad stability of the U.K. banking and financial system could lead to a downgrade. An upgrade is unlikely in the next 24 months. We could raise the ratings during in that time if NWG maintains a risk-adjusted capital (RAC) ratio comfortably above 10% while continuing to deliver stable, peer-leading profitability. We view the possibility of this

...NatWest Group PLC's (NWG's) successful business, strong earnings outlook, and resilient balance sheet underpin our rating on the group. The deep and broad U.K. banking franchise, disciplined strategic execution, and cautious risk appetite translate into significant financial resilience. NWG is a strongly performing national champion bank, with a robust earnings outlook and cautious risk appetite. The group's strategic position is strong. Its leading U.K. commercial business, focused U.K. investment banking franchise, and primarily secured retail book leave the group's franchise in a solid position. The group's deep, stable, and efficient U.K. universal banking franchise supports a solid earnings outlook. Overall, we forecast that the group will maintain a return on tangible equity of at least 14.0% in the next two years....

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