FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For May 19, 2015
Commission File Number: 001-10306
The Royal Bank of Scotland Group plc
RBS, Gogarburn, PO Box 1000
Edinburgh EH12 1HQ
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(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F __X__ Form 40-F _____
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes _____ No __X__
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- _____
This report on Form 6-K shall be deemed incorporated by reference into the company's Registration Statement on Form F-3 (File Nos. 333-203157 and 333-203157-01) and to be a part thereof from the date which it was filed, to the extent not superseded by documents or reports subsequently filed or furnished.
The Royal Bank of Scotland Group plc
RBS notes credit ratings action by Fitch
19 May 2015
The Royal Bank of Scotland Group plc ("RBS") notes the decision by the credit rating agency Fitch to:
| · | Downgrade the long term rating of The Royal Bank of Scotland Group plc and certain of its affiliates by two notches |
| · | Downgrade the short term rating of The Royal Bank of Scotland Group plc and certain of its affiliates by one notch |
| · | Improve its rating outlook of The Royal Bank of Scotland Group plc and certain of its affiliates to Stable from Negative |
The rationale for downgrading these ratings is not RBS specific. Instead it relates to Fitch's review of sovereign support for banks globally. Fitch believes legislative, regulatory and policy initiatives have substantially reduced the likelihood of sovereign support for senior creditors of UK banks, in line with developments at the EU level. As a consequence, Fitch has revised RBS's "Support Rating" from '1' to '5'.
RBS welcomes Fitch's decision to improve its Viability Rating of the Royal Bank of Scotland Group plc and certain of its affiliates by one notch. This reflects Fitch's recognition of the significant progress RBS has made in improving its overall risk profile and capital position. This improvement offsets in part the negative impact of Fitch removing sovereign support, as noted above.
| Entity | Long Term Notch Differential | Outlook / Watch | Short Term Notch Differential |
| The Royal Bank of Scotland Group plc | Minus two notches | Stable | Minus one notch |
| The Royal Bank of Scotland plc | Minus two notches | Stable | Minus one notch |
| National Westminster Bank plc | Minus two notches | Stable | Minus one notch |
| The Royal Bank of Scotland N.V. | Minus two notches | Stable | Minus one notch |
| RBS International Limited | Minus two notches | Stable | Minus one notch |
| RBS Securities Inc. | Minus one notch | Stable | Minus one notch |
| Ulster Bank Limited | Minus one notch | Stable | Minus one notch |
| Ulster Bank Ireland Limited | Minus one notch | Stable | — |
For further information, please contact:
RBS Investor Relations
Matthew Richardson
Head of Debt Investor Relations
+44 (0) 20 7678 1800
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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THE ROYAL BANK OF SCOTLAND GROUP plc (Registrant)
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| Date: | May 19, 2015 | By: | /s/ Alan Ewing Mills | ||
| Name: | Alan Ewing Mills | ||||
| Title: | Assistant Secretary | ||||