Moody's drops RBS Citizens

Moody's Investors Service said it downgraded the ratings of Royal Bank of Scotland Group's U.S. bank subsidiaries, including RBS Citizens, NA and Citizens Bank of Pennsylvania, which are subsidiaries of the unrated intermediate holding company, Citizens Financial Group.

The outlooks are stable.

The agency downgraded RBS Citizens' long-term bank deposit rating to A3 from A2, short-term bank deposit rating to Prime-2 from Prime-1 and standalone bank financial strength rating/standalone credit assessment to C/A3 from C+/A2.

It also lowered Citizens Bank of Pennsylvania's long-term bank deposit rating to A3 from A2 short-term bank deposit rating to Prime-2 from Prime-1 and standalone bank financial strength rating /standalone credit assessment downgraded to C/A3 from C+/A2

Moody's said the subsidiaries' ratings, including their standalone credit assessments, were downgraded to reflect the potential adverse effects of the challenges faced by RBS, which are incorporated in RBS' lower standalone credit assessment.

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