RBS notes credit ratings action by S&P

The Royal Bank of Scotland Group plc

RBS notes credit ratings action by S&P

9 June 2015

The Royal Bank of Scotland Group plc ("RBS") notes the decision by Standard & Poor's Rating Services ("S&P") to:

· downgrade the long-term counterparty credit rating of The Royal Bank of Scotland plc and certain of its subsidiaries by one notch to BBB+ from A-;

· downgrade the long-term counterparty credit rating of Ulster Bank Limited and Ulster Bank Ireland Limited by one notch to BBB from BBB+;

· affirm the short-term rating of The Royal Bank of Scotland plc and certain of its subsidiaries at A-2; and

· move the ratings of The Royal Bank of Scotland plc and certain of its subsidiaries to Outlook Stable from Credit Watch Negative.

S&P summary credit ratings:

For further information, please contact:

RBS Investor Relations 

Matthew Richardson

Head of Debt Investor Relations

+44 (0) 20 7678 1800