NatWest 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
  22-Sep-23	Long-Term Issuer Rating	A (low)	Pos	Upgraded	UK E
  22-Sep-23	Short-Term Issuer Rating	R-1 (low)	Stb	Confirmed	UK E
  22-Sep-23	Long-Term Senior Debt	A (low)	Pos	Upgraded	UK E
  22-Sep-23	Short-Term Debt	R-1 (low)	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
  22-Sep-23	Long-Term Issuer Rating	A	Pos	Upgraded	UK E
  22-Sep-23	Short-Term Issuer Rating	R-1 (low)	Pos	Trend Change	UK E
  22-Sep-23	Long-Term Senior Debt	A	Pos	Upgraded	UK E
  22-Sep-23	Short-Term Debt	R-1 (low)	Pos	Trend Change	UK E
  22-Sep-23	Short-Term Deposits	R-1 (low)	Pos	Trend Change	UK E
  22-Sep-23	Long-Term Deposits	A	Pos	Upgraded	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
  22-Sep-23	Long-Term Issuer Rating	A	Pos	Upgraded	UK E
  22-Sep-23	Short-Term Issuer Rating	R-1 (low)	Pos	Trend Change	UK E
  22-Sep-23	Long-Term Senior Debt	A	Pos	Upgraded	UK E
  22-Sep-23	Short-Term Debt	R-1 (low)	Pos	Trend Change	UK E
  22-Sep-23	Short-Term Deposits	R-1 (low)	Pos	Trend Change	UK E
  22-Sep-23	Long Term Critical Obligations Rating	AA (low)	Pos	Upgraded	UK E
  22-Sep-23	Short Term Critical Obligations Rating	R-1 (middle)	Pos	Trend Change	UK E
  22-Sep-23	Long-Term Deposits	A	Pos	Upgraded	UK E

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