Royal Bank of Scotland Group PLC RBS welcomes credit rating upgrade by Moody's (2631I)
16 June 2017 - 3:21AM
UK Regulatory
TIDMRBS TIDM61ZU TIDMNATN
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
www.investors.rbs.com
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.
LEI:
2138005O9XJIJN4JPN90 (RBSG)
RR3QWICWWIPCS8A4S074 (RBS plc)
213800IBT39XQ9C4CP71 (NatWest plc)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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