[6-K] NatWest Group plc American Current Report (Foreign Issuer)

Rhea-AI Filing Summary

NatWest Group (NYSE: NWG) filed a Form 6-K disclosing that Fitch Ratings upgraded multiple credit metrics for the Group and its key subsidiaries on 25 June 2025.

• Group Viability Rating lifted to a+ from a
• Long-term Issuer Default Rating (IDR) raised to A+ from A; Short-term IDR affirmed at F1
• National Westminster Bank, Royal Bank of Scotland, NatWest Bank Europe GmbH, NatWest Markets Plc and NatWest Markets N.V. upgraded to AA-/F1+ from A+/F1
• Royal Bank of Scotland International Limited upgraded to AA-/F1+; NatWest Markets Securities Inc. to A+/F1
• All senior unsecured debt ratings upgraded in line with these changes; outlook for every rated entity set to Stable

The filing contains no additional financial statements, strategic initiatives or risk factors. Management notes that a rating is an opinion and can change at any time. Nevertheless, higher credit ratings generally improve funding flexibility and may lower borrowing costs, potentially supporting shareholder value.

Positive

• Fitch upgraded NatWest Group's long-term Issuer Default Rating to A+ from A and set a stable outlook
• Core banking subsidiaries elevated to AA-/F1+, the highest level in recent years

Negative

• None.

Insights

Credit Analyst

TL;DR: Broad Fitch upgrades strengthen NatWest’s credit profile and funding flexibility – a clear positive.

Fitch’s simultaneous upgrades across the holding company and core banking subsidiaries move the Group into the A+–AA- category, a threshold often used by wholesale funding counterparties and institutional investors. A one-notch rise in long-term ratings can narrow senior debt spreads by 5-15 bp and subordinated spreads even more, reducing annual interest expense. The stable outlook limits downside risk and signals that recent improvements in capital adequacy and asset quality are sustainable. Because all unsecured issuance was also re-rated, the benefit extends to existing bondholders through potential price appreciation. No offsetting negatives are disclosed, so the filing’s net impact is favourable.

Portfolio Manager

TL;DR: Rating lift removes a perception discount; equity risk premium could compress modestly.

The upward migration to A+ for the parent and AA- for operating banks positions NatWest among the higher-rated European peers, enhancing access to term funding and securitisation markets. Stable outlook removes the prior positive watch, reducing forward uncertainty. While the 6-K lacks earnings data, the Fitch rationale implies improved profitability and capital; investors may translate this into lower required returns, modestly supporting valuation multiples. Because no financial guidance accompanies the filing, magnitude of equity upside is difficult to quantify, but directionally the news is constructive.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

June, 2025

Commission File Number 001-10306

NatWest Group plc

250 Bishopsgate,

London, EC2M 4AA

United Kingdom

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

The following information was issued as Company announcements in London, England and is furnished pursuant to General Instruction B to the General Instructions to Form 6-K:

NatWest Group plc notes rating actions by Fitch

27 June 2025

NatWest Group plc ("NWG") and its subsidiaries note the decision by the credit rating agency Fitch Ratings (Fitch) to upgrade a number of ratings of NWG and its subsidiaries on 25 June, including:

●

Raising NWG's Viability Rating to a+ from a;

●

Raising the long-term Issuer Default Rating on NWG to 'A+' from 'A' and affirming the F1 Short-Term Issuer Default Rating; 

●

Raising the long-term ratings to 'AA-' from 'A+', and upgrading the short-term ratings to 'F1+' from 'F1' on NatWest Bank plc, Royal Bank of Scotland plc, NatWest Bank Europe GMBH, NatWest Markets Plc, NatWest Markets N.V.;

●

Upgrading the long-term ratings of The Royal Bank of Scotland International Limited to 'AA-' from 'A' and upgrading the Short Term rating to 'F1+' from 'F1';

●

Upgrading the long-term rating of NatWest Markets Securities Inc. to 'A+' from 'A' and affirmed the short-term rating at 'F1';

●

Upgrading all rated debt issuance from NWG and its subsidiaries in line with the above actions.

The outlook on all rated entities is now Stable.

Summary of Fitch senior unsecured debt ratings:

	Former			New
	Long Term Rating	Outlook	Short Term Rating	Long Term Rating	Outlook	Short Term Rating
NatWest Group plc	A	Positive	F1	A+	Stable	F1
National Westminster Bank plc The Royal Bank of Scotland plc NatWest Bank Europe GMBH NatWest Markets Plc NatWest Markets N.V.	A+	Positive	F1	AA-	Stable	F1+
NatWest Markets Securities Inc	A	Positive	F1	A+	Stable	F1
The Royal Bank of Scotland International Ltd	A	Positive	F1	AA-	Stable	F1+

A rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, change or withdrawal at any time by the rating agency.

For further information please contact:

NatWest Investor Relations

+44 (0) 207 672 1758

NatWest Media Relations:

+44 (0) 13 1523 420

	Legal Entity Identifier
NatWest Group plc National Westminster Bank plc The Royal Bank of Scotland plc NatWest Bank Europe GMBH NatWest Markets Plc NatWest Markets N.V. NatWest Markets Securities Inc The Royal Bank of Scotland International Ltd	2138005O9XJIJN4JPN90 213800IBT39XQ9C4CP71 549300WHU4EIHRP28H10  894500M8C9DWGV7L2Q81 RR3QWICWWIPCS8A4S074 X3CZP3CK64YBHON1LE12 ZE2ZWJ5BTIQJ8M0C6K34 21380078CCZSEEIIKA41

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

			NatWest Group plc (Registrant)
Date:	27 June 2025			By:	/s/ Mark Stevens
				Name:	Mark Stevens
				Title:	Assistant Secretary

FAQ

What ratings did Fitch upgrade for NatWest Group (NWG)?

Fitch raised NatWest Group's long-term Issuer Default Rating to A+ from A and its Viability Rating to a+ from a.

Which NatWest subsidiaries received AA- ratings according to the 6-K filed on 28 June 2025?

National Westminster Bank, Royal Bank of Scotland, NatWest Bank Europe GmbH, NatWest Markets Plc and NatWest Markets N.V. were all upgraded to AA- long-term with F1+ short-term ratings.

What is the outlook on NatWest Group's new Fitch ratings?

The outlook for NatWest Group and all rated subsidiaries is Stable.

Did Fitch upgrade NatWest Markets Securities Inc.?

Yes. The long-term rating rose to A+ from A, while the short-term rating was affirmed at F1.

Does the Form 6-K include any financial results or guidance?

No. The filing is limited to the Fitch rating actions and contains no financial statements or forward-looking guidance.