LONDON (Standard&Poor's) May 24, 2002--Standard&Poor's said today it revised its outlook on Royal Bank of Scotland Group PLC (RBSG), Royal Bank of Scotland PLC (Royal Bank), National Westminster Bank PLC (NatWest), Ulster Bank Ltd., and Ulster Bank Ireland Ltd. to positive from stable. The outlook on RBSG's U.S.-based Citizens Bank subsidiaries remains stable, however. The rating action reflects the evident success of RBSG's acquisition of NatWest, and the improving capitalization of the enlarged group. At the same time, Standard&Poor's affirmed its counterparty credit ratings on all group entities, including its double-'A'-minus/'A-1+' counterparty credit ratings on Royal Bank and NatWest. The ratings on the RBSG group reflect its strong franchise, diversified product and client structure,
