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 interest, and insurance under the Asset Protection Scheme (APS) in respect of 17% of RBS's funded balance sheet (as at March 31, 2011). RBS is currently mid-way through a five-year turnaround plan to address the weaknesses that necessitated its rescue by the government. We consider that it has
