DBRS lowers RBS Citizens

DBRS said downgraded RBS Citizens Financial Group, Inc.'s issuer and long-term debt ratings to A (low) from A.

The downgrade follows the downgrade of RBS Citizens' parent, the Royal Bank of Scotland plc, DBRS said.

Further, the agency said it lowered the short-term ratings of Citizens to R-1 (low) from R-1 (middle).

The trend is negative, mirroring that of RBS, while the trend on the short-term ratings is stable.

Concurrently, DBRS also said it assigned an intrinsic assessment of A (low) to the operating bank subsidiaries of Citizens.

Nonetheless, the agency said it considers Citizens a strategic investment for RBS and believes RBS will continue to provide support to Citizens to protect this substantial investment, if needed.

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