RPT-Fitch Affirms RBS Holdings USA's CP at 'F1'

Wed Jul 10, 2013 8:27am EDT

July 10 (Reuters) - (The following statement was released by the rating agency)

Fitch Ratings has affirmed RBS Holdings USA's (RBSHUS) CP programme rating at 'F1'. The programme and the notes issued under the programme are unconditionally guaranteed by The Royal Bank of Scotland plc (RBS, or the bank; A/Stable/F1).

KEY RATING DRIVERS - CP RATINGS

The programme's rating reflects the unconditional guarantee given by RBS to the CP programme and is in line with the bank's Short-term rating. The bank's Short-term rating is driven by Fitch's view that if needed, extraordinary support is extremely likely to be provided to it by the UK authorities (for more information see "Fitch Affirms Royal Bank of Scotland at 'A' Stable Outlook" dated 10 October 2012 at www.fitchratings.com).

RATING SENSITIVITIES - IDRS, NATIONAL RATINGS AND SENIOR DEBT

The CP programme's rating is sensitive to a change in RBS's Short-term rating, which in turn is sensitive to Fitch's assumptions about the ability or propensity of the UK authorities to provide extraordinary support to RBS.