We consider that potential extraordinary government support for European banks will likely decrease as resolution frameworks are put in place. We are affirming our 'A-/A-2' ratings on The Royal Bank of Scotland PLC (RBS) and its core subsidiaries, and we are affirming our 'BBB+/A-2' ratings on The Royal Bank of Scotland Group (RBSG), RBS' holding company. The negative outlooks on RBS and its core operating subsidiaries reflect the possibility that we may lower the 'a-' group credit profile due to the possible removal of government support by year-end 2015, the possible implications for RBS of the downward trend we see in the U.K. banking industry, and risks to RBS' business profile from its long-running restructuring. The negative outlook on RBSG,
