Natwest Regulatory News (NWG)

NatWest Group plc

14 July 2021

NatWest Group notes positive credit rating actions by Moody's

NatWest Group plc

14 July 2021

NatWest Group plc ("NWG") notes the decision by the credit rating agency Moody's Investors Services ("Moody's") to upgrade a number of ratings across the group, including to:

- Upgrade the senior unsecured debt rating of NWG to Baa1 (from Baa2) as a result of an upgrade of the group's notional Baseline Credit Assessment ("BCA", Moody's opinion of a bank's standalone intrinsic strength) to baa1 (from baa2). The outlook is positive.

- Upgrade the issuer rating of National Westminster Bank Plc and The Royal Bank of Scotland plc to A1 (from A2), reflecting a stronger BCA. The outlook is stable.

- Upgrade the senior unsecured debt rating of NatWest Markets Plc and NatWest Markets N.V. ("NWM") to A2 (from A3) with a positive outlook and the short-term debt rating to P-1 from P-2. The outlook is positive.

- Moody's also upgraded NWG's subordinated debt ratings to Baa2 (from Baa3), the junior subordinated debt ratings to Baa3(hyb) (from Ba1(hyb)) and the pref. stock non-cumulative ratings to Ba1(hyb) (from Ba2(hyb)). NWM's subordinated debt ratings were upgraded to Baa2 (from Ba1) and the junior subordinated debt ratings to Baa3(hyb) (from Ba2(hyb)).

Moody's summary senior unsecured debt ratings:

A rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, change or withdrawal at any time by the rating agency. 

For further information please contact:

Paul Pybus

Head of Debt Investor Relations

+44 (0) 207 672 1758

NatWest Media Relations:

+44 (0) 13 1523 4205