Strong government support through majority equity stake and asset insurance. Diversified universal bank with strong franchises in core markets. Robust capital position thanks to government capital infusions. Good progress to date against restructuring plan targets. Loss-making due to outsized impairments on high risk legacy assets. Execution risk in the remaining elements of the restructuring plan. Reputational damage from requiring such substantial government support. The ratings on U.K.-incorporated The Royal Bank of Scotland Group PLC (RBSG) incorporate Standard&Poor's Ratings Services' view of both its stand-alone credit profile and extraordinary external support. Specifically, the long-term counterparty credit rating incorporates a three-notch uplift from the stand-alone credit profile, reflecting our view of RBSG's high systemic importance. The comprehensive support provided by
