We believe that the U.K. banking industry is making good progress in its multi-year transformation toward a more predictable risk profile. As a result, we now see a stable trend for U.K. banking industry risk, which we had viewed as negative previously. We are affirming our 'A-/A-2' counterparty credit ratings on RBS and its core subsidiaries. The negative outlook reflects the possible removal of extraordinary government support notches within RBS' long-term counterparty credit rating by year-end 2015 and the potential risks to its business profile from its extended restructuring. On May 22, 2014, Standard&Poor's Ratings Services affirmed its 'A-/A-2' counterparty credit ratings on U.K-based The Royal Bank of Scotland PLC and its core subsidiaries. We also affirmed the
