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Citizens Financial Group upgraded by Standard & Poor’s

Ratings agency upgrades credit ratings for CFG subsidiaries from “A-/A2” to “A/A1”

PROVIDENCE, R.I.Citizens Financial Group, Inc. (CFG) today announced that Standard and Poor’s Ratings Services (S&P) has upgraded its credit ratings for CFG’s subsidiaries, RBS Citizens, N.A., and Citizens Bank of Pennsylvania, from “A-/A2” to “A/A1.” S&P also affirmed its stable outlook for both subsidiaries.

“We are pleased with this upgrade from Standard & Poor’s, which recognizes that we are continuing to maintain a strong capital position and to build on the trend of positive earnings that began last year and has continued through 2011,” said CFG Chairman and CEO Ellen Alemany.

In upgrading its credit ratings for CFG’s subsidiaries, S&P noted strong market share in the regional markets where they operate, the strong capital position, and its expectation that asset quality and earnings generation will continue to improve. In particular, S&P noted that CFG’s net income in the first half of 2011 was $249 million, compared with a net loss of $62 million in the first half of 2010.

For additional information about the CFG upgrade, go to www.standardandpoors.com.

About Citizens Financial Group, Inc.
Citizens Financial Group, Inc., is a $131 billion commercial bank holding company. It is headquartered in Providence, R.I., and, through its subsidiaries, has more than 1,500 branches, approximately 3,900 ATMs and more than 20,000 colleagues. 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 more than 30 states. CFG is owned by RBS (the Royal Bank of Scotland Group plc).