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S&P: Royal Bank of Scotland unaffected
Standard & Poor's said ratings on Royal Bank of Scotland plc (AA/negative/A-1+) and Royal Bank of Scotland Group plc (AA-/negative/A-1+) were unchanged following the announcement of a net loss of £761 million in the first half of 2008.
The agency said results were in line with expectations and principally driven by very large net writedowns in the global markets business.
These mainly reflect lower valuations on collateralized debt obligations and U.S. residential mortgage assets, together with reserves against exposures to monoline insurers, S&P said.
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