Royal Bank of Scotland Group PLC (The) Sep 05

Standard & Poors, September 2005

Abstract
This article, the original version of which was issued earlier today, has been republished to amend previously misstated data appearing in chart 2. A corrected version follows. Major franchise in the U.K. and the northeastern U.S.; Good business diversification and strategic flexibility; Successful acquisition and integration strategy; and Superior profitability and efficiency. Capital more tightly managed compared with that of peers; and Growth strategy carries some execution risk. The ratings on Royal Bank of Scotland Group PLC (RBSG)--the ultimate holding company of The Royal Bank of Scotland PLC (Royal Bank; AA/Stable/A-1+) and National Westminster Bank PLC (NatWest; AA/Stable/A-1+)--reflect strong business positions achieved as a result of successful acquisitions, mainly in the U.S. and U.K., and good groupwide organic momentum. RBSG's...

Companies mentioned in this report are:
- The Royal Bank of Scotland Group PLC
- National Westminster Bank PLC
- The Royal Bank of Scotland PLC
- Charter One Bank N.A.
- Ulster Bank Ltd.
- Ulster Bank Finance 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

- The Royal Bank of Scotland Group PLC
- National Westminster Bank PLC
- The Royal Bank of Scotland PLC
- Charter One Bank N.A.
- Ulster Bank Ltd.
- Ulster Bank Finance 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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