Natwest Group PLC

Regulatory Filings • Apr 13, 2023

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.

	Former			New
	Long Term Rating	Outlook	Short Term Rating	Long Term Rating	Outlook	Short Term Rating
NatWest Group plc	BBB	Stable	A-2	BBB+	Stable	A-2
National Westminster Bank plc, Royal Bank of Scotland plc, NatWest Bank Europe GMBH	A	Stable	A-1	A+	Stable	A-1
NatWest Markets plc, NatWest Markets N.V., NatWest Markets Securities Inc. The Royal Bank of Scotland International Ltd, Ulster Bank Ireland DAC	A-	Stable	A-2	A	Stable	A-1

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:

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