Fitch lifts NatWest Group (NYSE: NWG) core subsidiary ratings to AA with Stable Outlook

Rhea-AI Filing Summary

NatWest Group plc reports that Fitch Ratings has upgraded several key subsidiaries following an update to Fitch’s Bank Rating Criteria. Long-term Issuer Default Ratings for National Westminster Bank Plc, The Royal Bank of Scotland plc, NatWest Bank Europe GmbH, NatWest Markets Plc, NatWest Markets N.V. and The Royal Bank of Scotland International Limited were raised to ‘AA’ from ‘AA-’.

Fitch also upgraded the long-term senior unsecured debt ratings of National Westminster Bank Plc, NatWest Bank Europe GmbH, NatWest Markets Plc, NatWest Markets N.V. and The Royal Bank of Scotland International Limited to ‘AA’ from ‘AA-’. The Outlook for all these entities remains Stable, and short-term ratings remain at ‘F1+’. The announcement is dated 13 May 2026.

Positive

• Fitch upgrades core NatWest subsidiaries to ‘AA’, raising both long-term Issuer Default Ratings and certain long-term senior unsecured debt ratings from ‘AA-’ while maintaining Stable Outlooks and ‘F1+’ short-term ratings.

Negative

• None.

Insights

Bank credit analyst

Fitch upgrades key NatWest bank subsidiaries to ‘AA’ with Stable Outlook.

Fitch Ratings raised long-term Issuer Default Ratings for six core NatWest banking entities to ‘AA’ from ‘AA-’, and upgraded long-term senior unsecured debt ratings for several of them to the same ‘AA’ level. Short-term ratings remain at ‘F1+’ with a Stable Outlook.

These actions reflect Fitch’s updated Bank Rating Criteria rather than a specific new event at NatWest, but higher ratings can support funding flexibility and counterparty confidence. All affected entities retain a Stable Outlook, indicating no immediate expectation of further changes based on the current information.

Investors may pay attention to how these upgraded ratings influence future funding costs and market access for National Westminster Bank Plc, The Royal Bank of Scotland plc, NatWest Markets entities and other subsidiaries in upcoming reporting periods and capital markets transactions.

Key Figures

Long-term IDR upgrade: ‘AA’ from ‘AA-’ Senior unsecured upgrade: ‘AA’ from ‘AA-’ Short-term rating: ‘F1+’ +3 more

6 metrics

Long-term IDR upgrade ‘AA’ from ‘AA-’ National Westminster Bank Plc and five other subsidiaries

Senior unsecured upgrade ‘AA’ from ‘AA-’ Long-term senior unsecured debt at several NatWest entities

Short-term rating ‘F1+’ Short-term ratings for all listed entities remain unchanged

Outlook Stable All affected NatWest subsidiaries

Fitch rating action date 12 May 2026 Date Fitch upgraded the ratings

NatWest announcement date 13 May 2026 Date NatWest noted Fitch’s rating actions

Key Terms

Issuer Default Ratings, senior unsecured debt ratings, Stable Outlook, F1+, +1 more

5 terms

Issuer Default Ratings financial

"Summary of Fitch Issuer Default Ratings"

senior unsecured debt ratings financial

"Upgrading the long-term senior unsecured debt ratings of National Westminster Bank Plc"

Stable Outlook financial

"The Outlook on all entities remains Stable."

A stable outlook is a credit-rating agency’s view that a company’s credit rating is unlikely to change over the medium term, indicating expected steadiness in its financial condition and ability to meet obligations. For investors it matters because a stable outlook signals lower likelihood of sudden changes to borrowing costs, dividend capacity or default risk—like a calm weather forecast, it helps set expectations about near-term risk and return.

F1+ financial

"Short-Term Rating | Long- Term Rating | Outlook | Short-Term Rating National Westminster Bank Plc"

credit rating agency financial

"the decision by the credit rating agency Fitch Ratings"

A credit rating agency is an independent firm that evaluates how likely a borrower — such as a company, bank, or government — is to repay its debt, then assigns simple ratings or scores much like a consumer credit score or a movie review. Investors use these ratings as a quick signal of risk and to decide pricing, portfolio weightings, and whether a bond meets regulatory or investment rules; higher ratings generally mean lower borrowing costs and perceived risk.

Form 6-K: How Foreign Companies Report to the SEC →

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

May, 2026

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

13 May 2026

NatWest Group plc notes rating actions by Fitch

13 May 2026

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's subsidiaries on 12 May, following an update of their Bank Rating Criteria. This includes:

●

Upgrading the long-term Issuer Default Ratings (IDR) of National Westminster Bank Plc, The Royal Bank of Scotland plc, NatWest Bank Europe GmbH, NatWest Markets Plc, NatWest Market N.V. and The Royal Bank of Scotland International Limited to 'AA' from 'AA-';

●

Upgrading the long-term senior unsecured debt ratings of National Westminster Bank Plc, NatWest Bank Europe GmbH, NatWest Markets Plc, NatWest Market N.V., The Royal Bank of Scotland International Limited to 'AA' from 'AA-'.

The Outlook on all entities remains Stable.

Summary of Fitch Issuer Default Ratings:

	Former			New
	Long- Term Rating	Outlook	Short-Term Rating	Long- Term Rating	Outlook	Short-Term Rating
National Westminster Bank Plc The Royal Bank of Scotland plc NatWest Bank Europe GmbH NatWest Markets Plc NatWest Markets N.V. The Royal Bank of Scotland International Ltd	AA-	Stable	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. The Royal Bank of Scotland International Ltd	2138005O9XJIJN4JPN90 213800IBT39XQ9C4CP71 549300WHU4EIHRP28H10 894500M8C9DWGV7L2Q81 RR3QWICWWIPCS8A4S074 X3CZP3CK64YBHON1LE12 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:	13 May 2026			By:	/s/ Mark Stevens
				Name:	Mark Stevens
				Title:	Assistant Secretary

FAQ

What rating changes did Fitch make for NatWest Group (NWG) subsidiaries?

Fitch raised long-term Issuer Default Ratings for six NatWest banking entities to ‘AA’ from ‘AA-’. It also upgraded certain long-term senior unsecured debt ratings to ‘AA’. Short-term ratings remain ‘F1+’ with Stable Outlooks.

Which NatWest (NWG) entities had their Fitch Issuer Default Ratings upgraded?

Fitch upgraded the long-term Issuer Default Ratings of National Westminster Bank Plc, The Royal Bank of Scotland plc, NatWest Bank Europe GmbH, NatWest Markets Plc, NatWest Markets N.V. and The Royal Bank of Scotland International Limited to ‘AA’.

How did Fitch change NatWest (NWG) senior unsecured debt ratings?

Fitch upgraded the long-term senior unsecured debt ratings of National Westminster Bank Plc, NatWest Bank Europe GmbH, NatWest Markets Plc, NatWest Markets N.V. and The Royal Bank of Scotland International Limited to ‘AA’ from ‘AA-’.

What Outlook and short-term ratings did Fitch assign to NatWest (NWG) entities?

For all listed NatWest banking entities, Fitch kept the Outlook as Stable and the short-term ratings at ‘F1+’. This combination indicates strong short-term credit quality with no immediate expectation of rating direction change.

When did Fitch’s NatWest Group (NWG) rating upgrades take effect?

Fitch’s rating actions on NatWest subsidiaries were made on 12 May 2026. NatWest Group plc subsequently noted these changes in an announcement dated 13 May 2026 provided to investors and the market.

Does Fitch recommend buying or selling NatWest Group (NWG) securities?

Fitch explicitly states that a rating is not a recommendation to buy, sell or hold securities. Ratings instead provide an independent opinion on relative credit risk, and they may change, be suspended or withdrawn at any time.