Royal Bank of Scotland Group PLC RBS notes Fitch credit ratings action (6983N)
May 19 2015 - 12:03PM
UK Regulatory
TIDMRBS
RNS Number : 6983N
Royal Bank of Scotland Group PLC
19 May 2015
The Royal Bank of Scotland Group plc
RBS notes credit ratings action by Fitch
19 May 2015
The Royal Bank of Scotland Group plc ("RBS") notes the decision
by the credit rating agency Fitch to:
-- Downgrade the long term rating of The Royal Bank of Scotland
Group plc and certain of its affiliates by two notches to BBB+ from
A
-- Downgrade the short term rating of The Royal Bank of Scotland
Group plc and certain of its affiliates to F2 from F1
-- Improve its rating outlook of The Royal Bank of Scotland
Group plc and certain of its affiliates to Stable from Negative
The rationale for downgrading these ratings is not RBS specific.
Instead it relates to Fitch's review of sovereign support for banks
globally. Fitch believes legislative, regulatory and policy
initiatives have substantially reduced the likelihood of sovereign
support for senior creditors of UK banks, in line with developments
at the EU level. As a consequence, Fitch has revised RBS's "Support
Rating" from '1' to '5'.
RBS welcomes Fitch's decision to improve its Viability Rating of
the Royal Bank of Scotland Group plc and certain of its affiliates
by one notch. This reflects Fitch's recognition of the significant
progress RBS has made in improving its overall risk profile and
capital position. This improvement offsets in part the negative
impact of Fitch removing sovereign support, as noted above.
Table 1, Fitch updated credit ratings:
Entity Long Term Issuer Outlook / Watch Short Term Issuer
Default Rating Default Rating
The Royal Bank of Scotland BBB+ Stable F2
Group plc
The Royal Bank of Scotland BBB+ Stable F2
plc
National Westminster Bank BBB+ Stable F2
plc
The Royal Bank of Scotland BBB+ Stable F2
N.V.
RBS International Limited BBB+ Stable F2
RBS Securities Inc. BBB+ Stable F2
Ulster Bank Limited BBB+ Stable F2
Ulster Bank Ireland Limited BBB Stable F2
For further information, please contact:
RBS Investor Relations
Matthew Richardson
Head of Debt Investor Relations
+44 (0) 20 7678 1800
This information is provided by RNS
The company news service from the London Stock Exchange
END
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