RBS notes credit ratings downgrade by S&P

RNS Number : 9635D

Royal Bank of Scotland Group PLC

03 February 2015

 

The Royal Bank of Scotland Group plc

RBS notes credit ratings downgrade by S&P

3 February 2014

The Royal Bank of Scotland Group plc ("RBS") notes the decision by Standard & Poor's Rating Services ("S&P") to:

·      Downgrade the long term credit rating of The Royal Bank of Scotland Group plc by two notches to BBB- from BBB+

·      Improve the credit rating outlook of The Royal Bank of Scotland Group plc to stable from negative,

·      Downgrade the short term rating of The Royal Bank of Scotland Group plc to A-3 from A-2

·      Place the long-term ratings of The Royal Bank of Scotland plc and certain of its affiliates on CreditWatch with negative implications.

This action is not specific to RBS but reflects S&P's view that extraordinary government support is now unlikely in the case of U.K. non-operating bank holding companies, and is likely to become less predictable for bank operating companies in the U.K. under newly enacted legislation that fully implemented the bail-in rules enshrined in the EU's Bank Recovery and Resolution Directive with effect from 1 January 2015.

RBS welcomes S&P's decision to improve its long term outlook for The Royal Bank of Scotland Group plc to stable from negative. This action reflects S&P's view that RBS has made strong progress over the past 12-18 months in executing its restructuring plan.

For further information, please contact:

RBS Investor Relations 

Matthew Richardson

Head of Debt Investor Relations

[phone]

 

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