NatWest Group plc notes rating actions by S&P

NatWest Group plc

12 April 2023

NatWest Group plc notes rating actions by S&P

12 April 2023

NatWest Group plc ("NWG") and its subsidiaries note the decision by the credit rating agency S&P Global Ratings (S&P) to upgrade a number of ratings of NWG and its subsidiaries today, including:

· Raising the long-term issuer credit rating on NWG to 'BBB+' from 'BBB'; 

· Raising the long-term ratings to 'A+', and affirming the 'A-1' short-term ratings on NatWest Bank plc, Royal Bank of Scotland plc and NatWest Bank Europe GMBH;

· Raising the long- and short-term ratings on all other operating subsidiaries mentioned in the table below to 'A/A-1';

· Raising the long- and short-term resolution counterparty ratings (RCRs) on the Group's main operating subsidiaries to 'AA-/A-1+' and raising the long-term RCRs on the Group's other operating subsidiaries to 'A+' and affirming the 'A-1' short-term ratings;

· Upgrading all rated debt issuance from NWG and its subsidiaries in line with the above actions.

The outlook remains Stable on all rated entities.

Summary of S&P's 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:

NatWest Investor Relations

+44 (0) 207 672 1758

NatWest Media Relations:

+44 (0) 131 523 4205

Legal Entity Identifier

NatWest Group plc 2138005O9XJIJN4JPN90National Westminster Bank plc 213800IBT39XQ9C4CP71The Royal Bank of Scotland plc 549300WHU4EIHRP28H10NatWest Bank Europe GMBH 894500M8C9DWGV7L2Q81NatWest Markets Plc RR3QWICWWIPCS8A4S074NatWest Markets N.V X3CZP3CK64YBHON1LE12NatWest Markets Securities Inc ZE2ZWJ5BTIQJ8M0C6K34RBSI Ltd 21380078CCZSEEIIKA41Ulster Bank Ireland DAC 635400KQIMALJ4XLAD78