RNS Number : 2631I
Royal Bank of Scotland Group PLC
15 June 2017

The Royal Bank of Scotland Group plc

15 June 2017


RBS welcomes credit rating upgrade by Moody's


The Royal Bank of Scotland Group plc ("RBSG") welcomes the decision by Moody's Investors Services ("Moody's") to upgrade RBSG's senior debt ratings and the deposit ratings of RBS plc and National Westminster Bank plc ("NatWest plc"). This is the result of an upgrade of the Baseline Credit Assessment to investment grade, baa3 from Ba1 for RBS plc and NatWest plc. The rating action reflects Moody's recognition of the stronger standalone financial profile of the group and expectation for more stable performance in the medium term resulting from the group's multi-year restructuring.


Moody's have also affirmed the senior debt ratings at RBS plc and NatWest plc. This reflects Moody's assessment that the volume of loss absorbing debt supporting senior debt under Moody's Advanced Loss Given Failure analysis has reduced faster than their original estimates, resulting in a lower loss given-failure notching.


As a consequence of these actions:

·      RBSG senior unsecured debt ratings and short-term ratings have been upgraded to Baa3 from Ba1 and to Prime-3 from Not Prime

·      RBS plc and NatWest plc deposit and short-term deposit ratings have been upgraded to A2 from A3 and to Prime-1 from Prime-2

·      All operating subsidiaries senior unsecured debt ratings remain unchanged

·      All outlooks have changed to Stable from Positive


Ewen Stevenson, Chief Financial Officer, said "Becoming investment grade rated for our long term ratings across all three credit rating agencies has been an important goal for us. It is further external validation that our turnaround is now well progressed." 


For further information, please contact:


RBS Investor Relations 

Matthew Richardson

Head of Fixed Income Investor Relations

+44 (0) 20 7678 1800



This announcement contains information that qualified or may have qualified as inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR). For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is made by Matthew Richardson, Head of Fixed Income Investor Relations for The Royal Bank of Scotland Group.


2138005O9XJIJN4JPN90 (RBSG)


213800IBT39XQ9C4CP71 (NatWest plc)




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