Ulster Bank Ltd. Sep 07

Standard & Poors, September 2007

Abstract
Core subsidiary of The Royal Bank of Scotland Group Strong market position in Northern Ireland; improving in Republic of Ireland Solid business diversity Sound earnings Tightly managed capital High credit growth Property lending bias The ratings on U.K.-incorporated Ulster Bank Ltd. (UBL) and subsidiary Ulster Bank Ireland Ltd. (UBIL; AA/Negative/A-1+) reflect parental support from the Royal Bank of Scotland PLC (RBS; AA/Negative/A-1+), which owns UBL via National Westminster Bank PLC (NatWest; AA/Negative/A-1+), as well as their solid business and financial profile. Capitalization is tightly managed, similar to its parent. Headquartered in Belfast, UBL has a leading franchise in Northern Ireland, with total reported assets of £49.4 billion (€73.4 billion) at June 30, 2007. The bulk of UBL's assets are in...

Companies mentioned in this report are:
- Ulster Bank Ltd.
- National Westminster Bank PLC
- The Royal Bank of Scotland PLC
- Charter One Bank N.A.
- The Royal Bank of Scotland Group PLC
- The National Insurance and Guarantee Corporation Ltd. (Unsolicited Ratings)
- Citizens Bank of Rhode Island
- Citizens Bank of Massachusetts
- Ulster Bank Ireland Ltd.
- Citizens Bank of Pennsylvania
- Citizens Bank New Hampshire
- Citizens Bank of Connecticut
- RBS Citizens N.A.

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.

Research Type: Full Analysis

- Ulster Bank Ltd.
- National Westminster Bank PLC
- The Royal Bank of Scotland PLC
- Charter One Bank N.A.
- The Royal Bank of Scotland Group PLC
- The National Insurance and Guarantee Corporation Ltd. (Unsolicited Ratings)
- Citizens Bank of Rhode Island
- Citizens Bank of Massachusetts
- Ulster Bank Ireland Ltd.
- Citizens Bank of Pennsylvania
- Citizens Bank New Hampshire
- Citizens Bank of Connecticut
- RBS Citizens N.A.

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