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Moody’s puts RBS on downgrade watch

Moody’s has put the Royal Bank of Scotland on review for possible downgrade.

Companies being considered include RBS’ ‘B+’ bank financial strength rating and AAA senior debt and deposit ratings, and RBS Group’s AA1 senior debt rating.

This comes on the back of RBS estimates that it will take an additional £5.9bn of pre-tax writedowns in 2008 on certain credit market exposures, and has also launched a rights issue for £12bn.

The bank’s debt ratings and deposit ratings of RBS’ have been placed on review for possible downgrade in line with the parent, the rating agency said.

Moody’s says the review reflects its concern about RBS’ exposure to volatile capital markets.

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