The ratings on Royal Bank of Scotland Group PLC (RBSG)--the ultimate holding company of The Royal Bank of Scotland PLC (RBS; AA/Negative/A-1+)--reflect its very strong business profile, broad diversification, and strong profitability. Capitalization is a relative weakness, by Standard&Poor Ratings Services' measures. RBSG is one of the world's largest universal banks. In particular, it enjoys a prominent position in both global wholesale banking and in U.K. financial services. The global wholesale and Asian retail businesses that it acquired as part of its 2007 acquisition of ABN AMRO Bank N.V. (AA-/Developing/A-1+) as the lead bank in a consortium with Fortis Bank SA/NV and Banco Santander S.A. has enhanced RBSG's business profile. ABN AMRO is now owned by RFS Holdings
