Following a review of The Royal Bank of Scotland PLC (RBS) under Standard&Poor's revised bank criteria (published on Nov. 9, 2011), we have lowered our long-term counterparty credit rating to 'A' from 'A+'. At the same time, we affirmed the 'A-1' short-term counterparty credit rating. The outlook is stable. Other rating actions on debt issues and subsidiaries are listed below. Our ratings on RBS reflect its 'bbb+' anchor, adequate business position, adequate capital and earnings, moderate risk position, average funding, and adequate liquidity. Our ratings also receive a two-notch uplift from RBS' high systemic importance in the U.K. and a one-notch positive adjustment due to its ongoing transition. The stable outlook reflects our view that RBS will likely
