Moody’s ups NatWest, Ulster Bank

Fitch Ratings said it assigned Royal Bank of Scotland plc, previously Adam & Co. plc (RBS NEW) a final long-term issuer default rating of A-, short-term issuer default rating of F2 and viability rating of bbb+, in line with the expected ratings assigned on Sept. 29, 2017 and affirmed on April 20.

The agency also upgraded National Westminster Bank plc's (NatWest Bank) and Ulster Bank Ltd.’s long-term issuer default ratings to A- from BBB+ and removed them from rating watch positive, and affirmed the long-term issuer default rating of NatWest Markets plc, previously Royal Bank of Scotland plc (NatWest Markets), at BBB+.

The outlooks are stable.

The actions follow the April 30 completion of the first of Royal Bank of Scotland Group's (RBSG) ring-fencing transfer schemes when assets and liabilities were transferred from NatWest Markets to RBS NEW and to NatWest Bank, Fitch explained.

RBS NEW and NatWest Bank will become the two main U.K. ring-fenced banks within the RBSG group and NatWest Markets will become part of the group's non-ring-fenced operations at the latest when ring fencing rules become effective in the U.K. on Jan. 1, 2019.

Ulster Bank, as a subsidiary of NatWest Bank, mainly operating in Northern Ireland, will continue to form part of the ring-fenced operations.

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