Summary: Ulster Bank Ltd. Feb 10

Standard & Poors, February 2010

Abstract
The ratings on U.K.-incorporated Ulster Bank Ltd. (UBL) and subsidiary Ulster Bank Ireland Ltd. (UBIL; A/Stable/A-1; together Ulster Bank) principally reflect parental support from The Royal Bank of Scotland Group PLC (RBSG; A/Stable/A-1), which owns UBL via The Royal Bank of Scotland PLC (RBS; A+/Stable/A-1) and National Westminster Bank PLC (NatWest; A+/Stable/A-1). We expect that the continuing capital, funding and operational support from RBSG will help Ulster Bank restructure its balance sheet and operations, amid a difficult economic and market environment. Although headquartered in Belfast, the bulk of Ulster Bank's total reported assets of £70 billion ($115 billion, at end-December 2008) are in the Republic of Ireland, reflecting the larger market. In our view, Ulster Bank's risk profile is dominated...

Companies mentioned in this report are:
- Ulster Bank Ltd.
- National Westminster Bank PLC
- The Royal Bank of Scotland PLC
- The Royal Bank of Scotland Group PLC
- Ulster Bank Ireland Ltd.

Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Ulster Bank Ltd.
- National Westminster Bank PLC
- The Royal Bank of Scotland PLC
- The Royal Bank of Scotland Group PLC
- Ulster Bank Ireland Ltd.

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