S&P rates RBS International BBB

S&P said it assigned BBB long-term and A-2 short-term issuer credit ratings on the Royal Bank of Scotland International Ltd. (RBS International).

The outlook is positive.

The bank has stated that its target organizational structure is similar to its current divisional structure, S&P explained, and that about 80% of current core risk-weighted assets are expected to be committed to the ring-fenced bank.

The agency said it regards RBS International as a highly strategic operating subsidiary of the Royal Bank of Scotland Group plc, and is rated one notch lower than the parent company's BBB+ group credit profile and BBB+ long-term rating on core operating subsidiaries, such as National Westminster Bank plc.

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