On July 17, 2007, Standard&Poor's Ratings Services revised its outlook on The Royal Bank of Scotland Group PLC (RBSG) and its related subsidiaries (the main operating banks are rated 'AA') to negative from stable. At the same time, the 'AA-/A-1+' long- and short-term counterparty credit ratings on RBSG were affirmed. The outlook revision reflects Standard&Poor's view that RBSG's revised offer for ABN AMRO Bank N.V. (AA-/Watch Pos/A-1+) represents a less compelling transaction than the original offer and that the more modest improvement in business profile is outweighed by the weakening of RBSG's financial profile. A RBSG-led consortium of banks, which also includes Fortis group (the banking division, Fortis Bank, is rated AA-/Stable/A-1+) and Banco Santander Central
