NEW YORK (Standard&Poor's) Dec. 19, 2008--Standard&Poor's Ratings Services today lowered its ratings on 58 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 three bond issues supported by RBS Citizens N.A., an RBSG subsidiary. These rating actions follow the Dec. 19, 2008, lowering of our long- and short-term counterparty credit ratings on RBSG's subsidiaries, The Royal Bank of Scotland PLC (RBS) and National Westminster Bank PLC, to 'A+/A-1' from 'AA-/A-1+'; the lowering of our long-term counterparty credit ratings on RBSG's U.S. subsidiaries, RBS Citizens and Citizens Bank of Pennsylvania, to 'A' from 'A+'; and the affirmation
