Summary: Ulster Bank Ltd. Aug 09

Standard & Poors, August 2009

Abstract
The ratings on U.K.-incorporated Ulster Bank Ltd. (UBL) and subsidiary Ulster Bank Ireland Ltd. (UBIL; A+/Negative/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). In our view, this parental support and the capital benefit that we expect Ulster Bank to receive from RBSG's participation in the U.K. government's asset protection scheme (APS) will support Ulster Bank through the restructuring of 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...

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

Action: Review

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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.
- The Royal Bank of Scotland PLC
- The Royal Bank of Scotland Group PLC

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