Standard & Poor's upgraded NatWest Group's long-term issuer credit rating to 'A-' from 'BBB+', the company said on Thursday, as the British lender continues to simplify its business.
The credit rating agency affirmed NatWest's 'A-2' short-term rating and maintained a stable outlook.
According to the company, the upgrade also applies to all senior unsecured debt and regulatory capital instruments, which were raised by one notch.
The ratings action follows several strategic moves by the bank, including its recent announcement to sell its remaining stake in Permanent TSB Group, completing its phased withdrawal from the Republic of Ireland.
NatWest also disclosed this week that it would redeem 800 million British Pounds of notes ahead of their 2026 maturity, as it continues to actively manage its balance sheet.
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NatWest Group on Friday reported a jump in third-quarter profit and raised its full-year guidance for income and returns, citing strong lending growth across its businesses.
NatWest Group has sold its remaining stake in Permanent TSB Group Holdings for approximately 126 million euros, completing its phased withdrawal from the Republic of Ireland, the company said Tuesday.
NatWest Group said on Monday it plans to sell its entire 11.7% stake in Permanent TSB Group Holdings, completing its phased withdrawal from the Republic of Ireland.