Recent credit rating reviews
On 29th November, a wide review of a number of counterparties by Standard & Poor's resulted in several institutions being downgraded. The following relate to Meteor products currently on offer:
Standard & Poor's credit rating agency downgraded its long term credit rating for The Royal Bank of Scotland Plc ('RBS') from A+ to A. RBS was one of fifteen European and US based financial institutions to suffer a downgrade by Standard & Poor's following an overhaul of their analysis process and the introduction of a new model for determining credit ratings. RBS ratings remain at A for Fitch and A2 from Moody's.
This change will affect the following plans that are currently in their offer periods:
- FTSE 5 Quarterly Kick-Out Plan 5
- Income Deposit Plan 5