On Oct. 6, 2003, Standard&Poor's Ratings Services affirmed its ratings on Royal Bank of Scotland Group PLC (RBSG) and related entities, including the 'AA-/A-1+' counterparty credit ratings on Royal Bank of Scotland PLC (Royal Bank) and National Westminster Bank PLC (NatWest) and the 'A+/A-1' counterparty credit ratings on RBSG, Ulster Bank Ltd., and Ulster Bank Ireland Ltd. The outlooks on the group are unchanged, including the positive outlooks on RBSG, Royal Bank, NatWest, Ulster Bank Ltd., and Ulster Bank Ireland Ltd. The rating action follows today's announcement by RBSG of the agreement to acquire First Active PLC (not rated), an Irish financial institution with a strong franchise in its domestic mortgage and savings markets. The approximately €887 million
