NatWest Group PLC's (NWG's) rating benefits from its deep U.K. franchise, strong earnings outlook, and robust asset quality. NWG's rising earnings and increasing S&P Global Ratings-adjusted capitalization support our rating, though we continue to regard NWG as having a narrower business model than higher-rated peers. We affirmed our ratings on NWG and its subsidiaries; the outlook remains stable. On April 25, 2025, S&P Global Ratings affirmed its 'BBB+' long-term issuer credit rating on NatWest Group PLC. The outlook is stable. At the same time, we affirmed our 'A-2' short-term issuer credit rating on the bank. We also affirmed our 'A+' long-term and 'A-1' short-term ratings on its core subsidiary, National Westminster Bank PLC, and the 'A/A-1' ratings on its non-ringfenced
