Credit rating agency Moody’s has made changes to its ratings for the Royal Bank of Scotland Group Plc.

Moody’s has upgraded the long-term deposit and senior unsecured rating of The Royal Bank of Scotland plc and certain of its affiliates by one notch to A3 from Baa1.

It has affirmed the short term deposit and senior unsecured rating of The Royal Bank of Scotland plc and certain of its affiliates at P-2.

Meanwhile, it has downgraded the long-term deposit and senior unsecured rating of The Royal Bank of Scotland Group plc to Ba1 from Baa2.

Moody’s has also downgraded the short-term senior unsecured rating of The Royal Bank of Scotland Group plc to Not Prime from P-2.

It has also applied a Stable Outlook rating to The Royal Bank of Scotland Group plc and certain of its affiliates.