On Aug. 18, 2005, Standard&Poor's Ratings Services affirmed its 'AA-' long-term and 'A-1+' short-term counterparty credit ratings on The Royal Bank of Scotland Group PLC (RBSG) and related subsidiaries following the announcement that RBSG has formed a strategic partnership with Bank of China Ltd. (BOC; foreign currency BBB-/Positive/A-3). The outlook is stable. RBSG is leading a consortium that will acquire a 10% stake in BOC for $3.1 billion. Within this, RBSG will invest $1.6 billion, giving it a 5% stake in BOC. RBSG will have a representative on the board of BOC. The transaction is expected to be completed by the fourth quarter of 2005, and is subject to regulatory approvals. The strategic partnership will involve RBSG and
