Fitch affirms RBS

Fitch Ratings said it affirmed Royal Bank of Scotland Group and Royal Bank of Scotland plc's long-term issuer default ratings at A, short-term issuer default ratings at F1, support ratings at 1 and support rating floors at A.

The outlook is stable.

The affirmation reflects the group's systemic importance to the United Kingdom, according to the agency.

Fitch said the group is well positioned to pursue its strategic plan thanks to its strong core retail and commercial franchises and improving governance structures but that de-risking and de-leveraging, as well as building up liquidity, has had a negative impact on margins.

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