Royal Bank of Scotland Credit Rating
Royal Bank of Scotland holds a blended long-term credit rating of AA- — the "High Grade" band, which is investment grade, with a stable outlook. That figure combines the latest long-term issuer ratings from S&P, Moody's, Fitch onto a single comparable scale, and indicates a strong capacity to meet its financial commitments. Royal Bank of Scotland is owned by NatWest Group plc (public). A credit rating measures an institution's ability to meet its financial obligations — it is an opinion, not a guarantee, and it is separate from deposit protection.
Royal Bank of Scotland credit ratings by agency
| Agency | Long-term rating | Outlook | Last confirmed |
|---|---|---|---|
| Fitch Ratings | AA | Stable | 10 Jul 2026 |
| Moody's | A1 | Stable | 10 Jul 2026 |
| S&P Global Ratings | A+ | Stable | 10 Jul 2026 |
Rating History Chart
Rating History
| Date | Rating | Agencies |
|---|---|---|
10 Jul 2026 |
S&P, Moody's | |
10 Jul 2026 |
S&P, Moody's | |
10 Jul 2026 |
S&P, Moody's, Fitch | |
09 Jul 2026 |
S&P |
Service record: complaints, incidents and customer survey
Complaints: in the FCA's 2025 H2 file (July 2025 to December 2025), Royal Bank of Scotland received 18,544 banking and credit-card complaints, 2.83 per 1,000 accounts. The bank upheld 59% of those it closed and closed 47% within three days. The previous period was 2.84 per 1,000, so complaints fell. Compare all banks.
Outages and incidents: Royal Bank of Scotland reported
3 major operational or security incidents to the FCA in the quarter to 30 June 2026 and 10 in the 12 months to 30 June 2026 (mobile app 5, online banking 3, telephone 1)
Customer survey (CMA / Ipsos, August 2026): share of Royal Bank of Scotland's own customers who would recommend it.
| Measure | Market | Would recommend | Rank |
|---|---|---|---|
| Branch services | Great Britain | 51% | 13 of 13 |
| Online and mobile banking | Great Britain | 66% | 14 of 17 |
| Overall service quality | Great Britain | 48% | 17 of 17 |
| Overdraft services | Great Britain | 56% | 14= of 16 |
| Branch and business centre services (business) | Great Britain | 53% | 4= of 12 |
| Online and mobile banking (business) | Great Britain | 70% | 8 of 17 |
| Overall service quality (business) | Great Britain | 57% | 12 of 17 |
| Relationship and account management (business) | Great Britain | 59% | 12= of 17 |
| SME overdraft and loan services (business) | Great Britain | 56% | 8= of 10 |
Market signals, ownership and group accounts
Short positions: 0.45% of NatWest Group plc's shares were held in disclosed net short positions at 1 October 2026, per the FCA's aggregated disclosures.
Only positions of 0.5% or more per holder are disclosed, so this is a floor. Above 2% to 3% is unusual for a UK bank; it is a view on the listed group's shares, not on deposit safety, which the FSCS covers regardless.Shareholding changes disclosed under the FCA's major-holdings rules in the last two years (listed group's shares):
| Date | Holder | From | To |
|---|---|---|---|
| 7 May 2026 | Norges Bank | 2.89% | 3.08% ▲ |
| 26 Mar 2026 | The Capital Group Companies, Inc | 5.01% | 4.99% ▼ |
| 23 Jan 2026 | Norges Bank | 3.06% | 2.89% ▼ |
| 15 Dec 2025 | Massachusetts Financial Services Company | 5.17% | 4.94% ▼ |
| 31 Jul 2025 | Norges Bank | 2.88% | 3.06% ▲ |
| 4 Jul 2025 | Norges Bank | 3.01% | 2.88% ▼ |
| 30 May 2025 | The Commissioners of His Majesty's Treasury | 0.90% | 0.00% ▼ |
| 15 May 2025 | The Commissioners of His Majesty's Treasury | 1.98% | 0.90% ▼ |
| Fiscal year | Profit before tax | Net income | Total assets | Equity | Dividends paid |
|---|---|---|---|---|---|
| Dec 2025 | £7.7bn | £5.8bn | £714.6bn | £42.6bn | £2.4bn |
| Dec 2024 | £6.2bn | £4.8bn | £708.0bn | £39.4bn | £1.8bn |
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Frequently asked questions about Royal Bank of Scotland
Is Royal Bank of Scotland safe?
Royal Bank of Scotland currently holds a blended long-term credit rating of AA-, which is investment grade and indicates a strong capacity to meet its financial commitments. A credit rating is an independent opinion on an institution's ability to meet its financial obligations; it is not a guarantee and can change. Separately, Eligible deposits with UK-authorised banks and building societies are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per eligible person, per banking licence (the limit rose from £85,000 on 1 December 2025). Where several brands share a single banking licence, that £120,000 limit is shared across those brands rather than applying to each one separately. This page is information about published credit ratings, not financial advice.
What is Royal Bank of Scotland's credit rating?
Royal Bank of Scotland has a blended long-term credit rating of AA-, with a stable outlook. This blends the most recent long-term issuer ratings from S&P, Moody's, Fitch, mapped onto a common scale so ratings expressed in different agencies' notation can be compared directly.
Is Royal Bank of Scotland covered by the FSCS?
Eligible deposits with UK-authorised banks and building societies are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per eligible person, per banking licence (the limit rose from £85,000 on 1 December 2025). Where several brands share a single banking licence, that £120,000 limit is shared across those brands rather than applying to each one separately. Royal Bank of Scotland is recorded with FCA reference 114724. Because protection follows the banking licence rather than the brand, check the current position and which brands share a licence on the FSCS website before relying on it.
Who owns Royal Bank of Scotland?
Royal Bank of Scotland is owned by NatWest Group plc (public). Ownership matters for credit ratings because agencies often factor in the likelihood of support from a parent group, and because brands under the same banking licence share a single FSCS limit.
What does a AA- credit rating mean?
AA- sits in the "High Grade" band, indicating a strong capacity to meet its financial commitments. Ratings of BBB- (or Baa3 on Moody's scale) and above are considered investment grade; anything below that is regarded as speculative, sometimes called "high yield". Ratings are reviewed periodically and can be upgraded or downgraded.
What is Royal Bank of Scotland's Fitch rating?
Fitch rates Royal Bank of Scotland AA (long-term) with a stable outlook, as read from the bank's own published disclosures and last confirmed on 10 July 2026. Together with the other agencies' ratings this gives the blended AA- shown on this page.
What is Royal Bank of Scotland's Moody's rating?
Moody's rates Royal Bank of Scotland A1 (long-term) with a stable outlook, as read from the bank's own published disclosures and last confirmed on 10 July 2026. Together with the other agencies' ratings this gives the blended AA- shown on this page.
What is Royal Bank of Scotland's S&P rating?
S&P rates Royal Bank of Scotland A+ (long-term) with a stable outlook, as read from the bank's own published disclosures and last confirmed on 10 July 2026. Together with the other agencies' ratings this gives the blended AA- shown on this page.
When did Royal Bank of Scotland's credit rating last change?
Royal Bank of Scotland's blended rating has stood at AA- since 10 July 2026, the most recent change in our records. Ratings are re-checked automatically and this page updates when an agency revises its assessment.