Leading positions in core markets, particularly U.K. retail and commercial banking. Long restructuring process has addressed legacy risks and refocused the business model. Sound funding and liquidity profiles. Although improving, earnings and efficiency ratios lag some peers and are likely to miss management's 2020 targets due to revenue pressures. Geographic concentration in the U.K. and Ireland, where Brexit brings a risk of weaker economic conditions. Exposure to political developments due to continued majority ownership by the U.K. government. The stable outlook on The Royal Bank of Scotland Group plc (RBSG) reflects our expectation that it will maintain robust balance sheet metrics and strengthen its statutory earnings. We anticipate that it will return further capital to shareholders through dividends and buybacks,
