NEW YORK (Standard&Poor's) Oct. 9, 2008--Standard&Poor's Ratings Services today lowered its ratings on 54 bond issues supported by letters of credit (LOCs) provided by Royal Bank of Scotland Group PLC (RBSG) subsidiaries. At the same time, Standard&Poor's affirmed its ratings on seven bond issues supported by The Royal Bank of Scotland PLC (RBS), an RBSG subsidiary. These rating actions follow the Oct. 6, 2008, lowering of our long-term counterparty credit ratings on RBSG's main subsidiaries, RBS and National Westminster Bank PLC, to 'AA-' from 'AA'; the affirmation of our 'A-1+' short-term counterparty credit ratings on these subsidiaries; and the lowering of our long- and short-term counterparty credit ratings on RBSG's U.S. subsidiaries, RBS Citizens
