Moody’s upgrades RBS debt

Moody's Investors Service said it upgraded the long-term senior unsecured debt ratings of Royal Bank of Scotland Group plc to Baa2 from Baa3 and the short-term commercial paper ratings to P-2 from P-3.

The agency changed the outlook to positive from stable on the senior unsecured debt and affirmed all ratings of NatWest Markets plc, NatWest Markets NV, National Westminster Bank plc, Royal Bank of Scotland plc and Ulster Bank Ltd.

At the same time the agency changed the outlook to positive from stable on the senior debt and deposit ratings of NatWest Markets and NatWest Markets NV, and changed the outlook to positive from stable on the deposit rating of NatWest Bank, Royal Bank of Scotland and Ulster Bank.

Moody’s said the upgrade reflects the stronger standalone credit profile of the group, as well as an expectation that the group's profitability will increase in the medium-term as it has settled major legal disputes and continues its multi-year restructuring, leading to a group notional baseline credit assessment of baa2.

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