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Citizens Financial Group upgraded by Standard & Poor’s

Agency revises outlook; affirms credit ratings

Providence, R.I. (April 5, 2011) -  Citizens Financial Group, Inc. (CFG) announced that Standard & Poor’s Ratings Services (S&P) has upgraded its outlook on CFG’s subsidiaries, RBS Citizens N.A., and Citizens Bank of Pennsylvania, to stable from negative. S&P also affirmed the ‘A–’ long-term counterparty credit ratings of these CFG subsidiaries.

“We are pleased with Standard & Poor’s acknowledgment of the progress we have made over the last year and our prospects for the future,” said CFG Chairman and CEO Ellen Alemany. “We have done a great deal to augment our capital position and have seen regulatory capital ratios continue to improve for each of the last eight quarters.” 

The primary reasons cited by S&P for the upgrade are S&P’s expectation that CFG’s asset quality and earnings will continue to improve in 2011, and that the bank has built capital ratios in excess of its peers. CFG’s capital ratios exceed well-capitalized minimums. Its Tier 1 Common Ratio, which is a key measure of a bank’s strength and capital adequacy, is at 12.5 percent and above all peers.

Additional information about the upgrade of CFG’s outlook is available at www.standardandpoors.com.

About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is a $130 billion commercial bank holding company. It is headquartered in Providence, R.I., and, through its subsidiaries, has more than 1,500 branches, approximately 3,800 ATMs and approximately 21,400 employees. Its two bank subsidiaries are RBS Citizens, N.A. and Citizens Bank of Pennsylvania. They operate a 12-state branch network under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont, and the Charter One brand in Illinois, Michigan and Ohio. CFG has non-branch retail and commercial offices in about 40 states. CFG is owned by RBS (The Royal Bank of Scotland Group plc).