NatWest Group plc (NWG) said credit rating agency Moody’s Investors Services has upgraded a number of ratings across the group.

The banking group said Moody’s upgraded the senior unsecured debt rating of NWG to Baa1 (from Baa2) as a result of an upgrade of the group’s notional Baseline Credit Assessment (‘BCA’, Moody’s opinion of a bank’s standalone intrinsic strength) to baa1 from baa2). The outlook is positive.

It said Moody’s upgraded the issuer rating of National Westminster Bank Plc and The Royal Bank of Scotland plc to A1 from A2, reflecting a stronger BCA. The outlook is stable.

And it said Moody’s upgraded the senior unsecured debt rating of NatWest Markets Plc and NatWest Markets N.V. (NWM) to A2 from A3 with a positive outlook and the short-term debt rating to P-1 from P-2. The outlook is positive.

NatWest Group added: “Moody’s also upgraded NWG’s subordinated debt ratings to Baa2 (from Baa3), the junior subordinated debt ratings to Baa3(hyb) (from Ba1(hyb)) and the pref. stock non-cumulative ratings to Ba1(hyb) (from Ba2(hyb)).

“NWM’s subordinated debt ratings were upgraded to Baa2 (from Ba1) and the junior subordinated debt ratings to Baa3(hyb) (from Ba2(hyb)).”