NatWest Group plc

12 April 2023

NatWest Group plc notes rating actions by S&P

12 April 2023

NatWest Group plc ("NWG") and its subsidiaries note the decision by the credit rating agency S&P Global Ratings (S&P) to upgrade a number of ratings of NWG and its subsidiaries today, including:

·      Raising the long-term issuer credit rating on NWG to 'BBB+' from 'BBB'; 

·      Raising the long-term ratings to 'A+', and affirming the 'A-1' short-term ratings on NatWest Bank plc, Royal Bank of Scotland plc and NatWest Bank Europe GMBH;

·      Raising the long- and short-term ratings on all other operating subsidiaries mentioned in the table below to 'A/A-1';

·      Raising the long- and short-term resolution counterparty ratings (RCRs) on the Group's main operating subsidiaries to 'AA-/A-1+' and raising the long-term RCRs on the Group's other operating subsidiaries to 'A+' and affirming the 'A-1' short-term ratings;

·      Upgrading all rated debt issuance from NWG and its subsidiaries in line with the above actions.

The outlook remains Stable on all rated entities.

Summary of S&P's senior unsecured debt ratings:

A rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, change or withdrawal at any time by the rating agency.

For further information please contact:

NatWest Investor Relations

+44 (0) 207 672 1758

NatWest Media Relations:

+44 (0) 131 523 4205

                                                                                Legal Entity Identifier

NatWest Group plc                                              2138005O9XJIJN4JPN90
National Westminster Bank plc                           213800IBT39XQ9C4CP71
The Royal Bank of Scotland plc                          549300WHU4EIHRP28H10
NatWest Bank Europe GMBH                             894500M8C9DWGV7L2Q81
NatWest Markets Plc                                          RR3QWICWWIPCS8A4S074
NatWest Markets N.V                                         X3CZP3CK64YBHON1LE12
NatWest Markets Securities Inc                         ZE2ZWJ5BTIQJ8M0C6K34
RBSI Ltd                                                             21380078CCZSEEIIKA41
Ulster Bank Ireland DAC                                    635400KQIMALJ4XLAD78