The Royal Bank of Scotland Group plc: Rating Report

Ratings

• NatWest Group plc

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  15-Jun-17	Issuer Rating	BBB	Stb	Confirmed	UK E
  15-Jun-17	Long-Term Senior Debt	BBB	Stb	Confirmed	UK E
  15-Jun-17	Short-Term Notes	R-2 (middle)	Stb	Confirmed	UK E

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• NatWest Markets N.V.

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  15-Jun-17	Issuer Rating	BBB (high)	Stb	Confirmed	UK E
  15-Jun-17	Long-Term Debt and Deposits	BBB (high)	Stb	Confirmed	UK E
  15-Jun-17	Short-Term Debt and Deposits	R-1 (low)	Stb	Confirmed	UK E
  15-Jun-17	Subordinated Debt	BBB (low)	Stb	Confirmed	UK E

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• NatWest Markets Plc

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  15-Jun-17	Issuer Rating	BBB (high)	Stb	Confirmed	UK E
  15-Jun-17	Senior Debt & Deposits	BBB (high)	Stb	Confirmed	UK E
  15-Jun-17	Short-Term Notes	R-1 (low)	Stb	Confirmed	UK E
  15-Jun-17	Long Term Critical Obligations Rating	A	Stb	Confirmed	UK E
  15-Jun-17	Short Term Critical Obligations Rating	R-1 (low)	Stb	Confirmed	UK E

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• RBS Capital Funding Trust V

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  15-Jun-17	Preference Shares	BB	Stb	Confirmed	UK

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• RBS Capital Funding Trust VI

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  15-Jun-17	Preference Shares	BB	Stb	Confirmed	UK

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• RBS Capital Funding Trust VII

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  15-Jun-17	Preference Shares	BB	Stb	Confirmed	UK

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• RBS Holdings N.V.

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  15-Jun-17	Issuer Rating	BBB	Stb	Confirmed	UK
  15-Jun-17	Long-Term Debt	BBB	Stb	Confirmed	UK

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