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Royal Bank of Scotland "May Pay" Tier 1 Hybrids Lowered To 'C' On Announced Tender Offer

Published Mar 25, 2010

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About This Report

Abstract:

LONDON (Standard&Poor's) March 25, 2010--Standard&Poor's Ratings Services said today that it lowered its ratings on "may pay" Tier 1 securities issued or guaranteed by The Royal Bank of Scotland Group PLC (RBSG; A/Stable/A-1) to 'C' from 'CC'. At the same time, the rating on the RBSG-related security issued by Argon Capital PLC was similarly lowered to 'C' from 'CC'. The counterparty credit ratings and stand-alone credit profiles of RBSG and subsidiaries, and the ratings on other debt securities issued by these entities, are unaffected. These rating actions follow today's statement by RBSG regarding a planned liability management exercise. RBSG announced that it will offer to exchange existing Upper Tier 2 securities into senior unsecured notes, and

Report Type:

Ratings Action

Ticker

RBS@LN

Issuer

NatWest Group PLC

GICS

Diversified Banks (40101010)

Sector

Global Issuers, Structured Finance

Country

United Kingdom

Region

United States

Format:

HTML

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MLA:	S&P Global Ratings’ Credit Research. "Royal Bank of Scotland "May Pay" Tier 1 Hybrids Lowered To 'C' On Announced Tender Offer" Mar 25, 2010. Alacra Store. May 17, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Royal-Bank-of-Scotland-May-Pay-Tier-1-Hybrids-Lowered-To-C-On-Announced-Tender-Offer-784606>

APA:	S&P Global Ratings’ Credit Research. (). Royal Bank of Scotland "May Pay" Tier 1 Hybrids Lowered To 'C' On Announced Tender Offer Mar 25, 2010. New York, NY: Alacra Store. Retrieved May 17, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Royal-Bank-of-Scotland-May-Pay-Tier-1-Hybrids-Lowered-To-C-On-Announced-Tender-Offer-784606>

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