NatWest Markets Plc

25 November 2020

NatWest Markets welcomes credit ratings action by Moody's

NatWest Markets Plc and NatWest Markets N.V. welcome the decision by the credit rating agency Moody's to upgrade the ratings of NatWest Markets Plc and NatWest Markets N.V. and keep the ratings on Positive outlook. This follows the recently announced accelerated de-risking, restructuring and re-focusing of the NatWest Markets business. 

Moody's main credit ratings are now as follows:

NatWest Markets Plc

§ long-term deposit and senior unsecured debt ratings upgraded to A3 from Baa2

§ subordinated and junior subordinated ratings upgraded by 1 notch to Ba1 and Ba2(hyb) from Ba2 and Ba3(hyb) respectively.

NatWest Markets N.V.

§ long-term deposit and issuer ratings upgraded to A3 from Baa2

§ subordinated debt ratings upgraded to Ba1 from Ba2

Moody's ratings and assessments of NatWest Markets N.V. remain harmonized with those of NatWest Markets Plc, given the high level of operational integration between the two banks.

For further information please contact:

Investor Relations

+44 (0) 20 7672 1758

NatWest Group Media Relations:

+44 (0) 13 1523 4205

Forward Looking Statements

This document contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, such as statements that include, without limitation, the words 'expect', 'estimate', 'project', 'anticipate', 'commit', 'believe', 'should', 'intend', 'plan', 'could', 'probability', 'risk', 'Value-at-Risk (VaR)', 'target', 'goal', 'objective', 'may', 'endeavour', 'outlook', 'optimistic', 'prospects' and similar expressions or variations on these expressions. These statements concern or may affect future matters, such as NWM Group's future economic results, business plans and current strategies.  In particular, this document may include forward-looking statements relating to NWM Group in respect of, but not limited to NatWest Markets Plc (NWM Plc) and NatWest Markets N.V.'s (NWM N.V.) regulatory capital position and related requirements, its financial position, profitability and financial performance (including financial, capital and operational targets), its access to adequate sources of liquidity and funding, increasing competition from new incumbents and  disruptive technologies, its exposure to third party risks, its ongoing compliance with the UK ring-fencing regime and ensuring operational continuity in resolution, its credit exposures under certain specified scenarios, substantial regulation and oversight, ongoing legal, regulatory and governmental actions and investigations, the transition of LIBOR and other IBOR rates to alternative risk free rates and NWM Group's exposure to economic and political risks (including with respect to Brexit and climate change), operational risk, conduct risk, cyber and IT risk, key person risk and credit rating risk. Forward-looking statements are subject to a number of risks and uncertainties that might cause actual results and performance to differ materially from any expected future results or performance expressed or implied by the forward-looking statements. Factors that could cause or contribute to differences in current expectations include, but are not limited to, legislative, political, fiscal and regulatory developments, accounting standards, competitive conditions, technological developments, interest and exchange rate fluctuations, general economic and political conditions and the uncertainty surrounding the Covid-19 pandemic and its impact on NWM Group. These and other factors, risks and uncertainties that may impact any forward-looking statement or NWM Group's actual results are discussed in NWM Plc's 2019 Annual Report and Accounts (ARA), NWM Plc's 2020 Registration Document, NWM Plc's Interim Results for Q1 2020 and NWM Plc's Interim Results for H1 2020 and other public filings. The forward-looking statements contained in this document speak only as of the date of this document and NWM Group does not assume or undertake any obligation or responsibility to update any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except to the extent legally required.