Material government support through majority equity stake and asset insurance. Diversified universal bank with strong franchises in core markets. Good progress to date against turnaround plan targets. Modest, though improving, profitability due to elevated losses on noncore assets. Execution risk in the remaining elements of the turnaround plan. The ratings on U.K.-incorporated The Royal Bank of Scotland Group PLC (RBS) incorporate Standard&Poor's Ratings Services' view of both its stand-alone credit profile (SACP) and extraordinary external support. Specifically, the long-term counterparty credit rating incorporates a two-notch uplift from the SACP, reflecting our view of RBS's high systemic importance. The support provided by the U.K. government includes £45.5 billion of ordinary and B shares, which equates to an 82% economic
