LONDON (Standard&Poor's) Aug. 18, 2005--Standard&Poor's Ratings Services said today it 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
