LONDON (Standard&Poor's) March 27, 2009--Standard&Poor's Ratings Services said today that it viewed The Royal Bank of Scotland Group PLC's (RBSG; A/Stable/A-1) proposed exchange and tender offers for various Tier 1 and Upper Tier 2 Perpetual Subordinated Hybrid Capital Instruments (Instruments) as opportunistic. As such, under our criteria the offers for the Instruments would not constitute a "distressed exchange" (see "Rating Implications Of Exchange Offers And Similar Restructurings," published on Jan. 28, 2009, on RatingsDirect). Neither the counterparty credit ratings on entities within RBSG, nor the ratings on the Instruments are affected by the exchange offers. Separately, however, on March 24, 2009, Instruments issued by banking entities within RBSG were downgraded to 'BB', and Instruments issued by
