NatWest Group PLC (NWG)'s deep U.K. franchise has performed well through a period of turbulence in the domestic economy and global banking markets. The group's resilient universal banking business leaves it well positioned to generate solid organic growth and strong earnings over the next 12-24 months. A granular and stable deposit base, cautious liquidity management, and broad wholesale funding sources bolster NWG's ratings stability. We raised our long-term ratings on NWG to 'BBB+' from 'BBB' and affirmed our 'A-2' short-term issuer credit ratings. We took corresponding actions on all our other issuer credit and issue ratings on group entities and debt. The stable outlook indicates that we expect NWG's credit profile to remain robust over our two-year horizon, with continued
