Fitch lowers RBS subsidiaries to negative view

Fitch Ratings said it revised the outlook on the Royal Bank of Scotland Group's subsidiaries to negative from stable.

The long-term issuer default ratings and the short-term issuer default ratings of the company's subsidiaries also were affirmed,

The ratings affirmed include Royal Bank of Scotland NV's long-term issuer default rating at A, senior unsecured debt at A, senior unsecured market-linked securities at A (emr) and short-term issuer default rating at F1.

RBS International Ltd.'s long-term issuer default rating was affirmed at A and short-term issuer default rating at F1. Ulster Bank Ltd.'s long-term issuer default rating was affirmed at A- and short-term issuer default rating at F1. Ulster Bank Ireland Ltd.'s long-term issuer default rating was affirmed at A-, short-term issuer default rating at F1 and its senior unsecured long-term and short-term debt at A-. RBS Securities Inc.'s long-term issuer default rating was affirmed at A- and short-term issuer default rating at F1.

The ratings on these banks will likely be downgraded in the next one to two years in line with that of Royal Bank of Scotland Group, currently driven by assumptions around sovereign support flowing through from their parent bank to them.

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