RBS.L Regulatory News (RBS)

The Royal Bank of Scotland Group plc

17 July 2018

RBS welcomes credit ratings action by Moody's

The Royal Bank of Scotland Group plc ("RBS") welcomes the decision by the credit rating agency Moody's Investors Service to:

· Upgrade the senior unsecured debt ratings of The Royal Bank of Scotland Group plc to Baa2 from Baa3 long-term and to P-2 from P-3 short-term and change the outlook to Positive.

· Affirm all ratings of NatWest Markets Plc, NatWest Markets N.V., National Westminster Bank Plc, The Royal Bank of Scotland Plc, Ulster Bank Limited and Ulster Bank Ireland DAC, and change the outlook on senior unsecured debt (where applicable) and deposit ratings to Positive from Stable.

The upgrade and the positive outlook reflect Moody's view the group has a stronger standalone credit profile, as well as Moody's expectation that the group's profitability will increase in the medium-term.

For further information please Contact:

Paul Pybus

Head of Debt Investor Relations

+44 (0) 20 7678 1153

RBS Media Relations:

+44 (0) 13 1523 4205

Forward-looking statements

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