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 the U.K. government includes £45.5 billion of ordinary and B shares, which equates to an 83% economic interest, and insurance under the Asset Protection Scheme (APS) in respect of 18% of RBSG's funded balance sheet (as at March 31, 2010). At the beginning of 2009, RBSG commenced a five-year turnaround plan to address the weaknesses that necessitated its rescue by the government. We
