Research Update: Royal Bank of Scotland Group PLC Oct 03

Standard & Poors, October 2003

Abstract
On Oct. 30, 2003, Standard & Poor's Ratings Services raised its long-term counterparty credit ratings on Royal Bank of Scotland PLC (Royal Bank) and related entity National Westminster Bank PLC (NatWest) to 'AA' from 'AA-', and affirmed its 'A-1+' short-term ratings on both entities. In addition, Standard & Poor's raised its counterparty credit ratings on Royal Bank of Scotland Group PLC to 'AA-/A-1+' from 'A+/A-1'. The outlook on all entities is stable. At the same time, Standard & Poor's raised its counterparty credit ratings on Ulster Bank Ltd. and Ulster Bank Ireland Ltd. to 'AA-/A-1+' from 'A+/A-1'. The outlook on both banks is stable. The ratings and outlooks on U.S.-based Citizens Financial Group Inc.'s subsidiaries remain unchanged. These rating actions...

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

Action: Upgraded

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

- The Royal Bank of Scotland Group PLC
- National Westminster Bank PLC
- The Royal Bank of Scotland PLC
- Ulster Bank Ltd.
- RBS Citizens Financial Group, Inc.
- Ulster Bank Ireland Ltd.

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