Royal Bank of Scotland Group plc, The: 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
  02-Jun-20	Long-Term Issuer Rating	BBB	Stb	Trend Change	UK E
  02-Jun-20	Short-Term Issuer Rating	R-2 (high)	Stb	Upgraded	UK E
  02-Jun-20	Long-Term Senior Debt	BBB	Stb	Trend Change	UK E
  02-Jun-20	Short-Term Debt	R-2 (high)	Stb	Upgraded	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
  02-Jun-20	Long-Term Issuer Rating	BBB (high)	Stb	Trend Change	UK E
  02-Jun-20	Short-Term Issuer Rating	R-1 (low)	Stb	Confirmed	UK E
  02-Jun-20	Long-Term Senior Debt	BBB (high)	Stb	Trend Change	UK E
  02-Jun-20	Short-Term Debt	R-1 (low)	Stb	Confirmed	UK E
  02-Jun-20	Short-Term Deposits	R-1 (low)	Stb	Confirmed	UK E
  02-Jun-20	Long-Term Deposits	BBB (high)	Stb	Trend Change	UK E
  02-Jun-20	Subordinated Debt	Discontinued	--	Disc.-W/drwn	UK

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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
  02-Jun-20	Long-Term Issuer Rating	BBB (high)	Stb	Trend Change	UK E
  02-Jun-20	Short-Term Issuer Rating	R-1 (low)	Stb	Confirmed	UK E
  02-Jun-20	Long-Term Senior Debt	BBB (high)	Stb	Trend Change	UK E
  02-Jun-20	Short-Term Debt	R-1 (low)	Stb	Confirmed	UK E
  02-Jun-20	Short-Term Deposits	R-1 (low)	Stb	Confirmed	UK E
  02-Jun-20	Long Term Critical Obligations Rating	A	Stb	Trend Change	UK E
  02-Jun-20	Short Term Critical Obligations Rating	R-1 (low)	Stb	Trend Change	UK E
  02-Jun-20	Long-Term Deposits	BBB (high)	Stb	Trend Change	UK E

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