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LONDON (Reuters) - Credit ratings agency S&P cut its rating on Royal Bank of Scotland (RBS.L: Quote, Profile, Research) on Monday, citing earnings and further writedown risks, just as its shares tumbled 20 percent as Europe's banks were hit by deepening gloom.
Standard & Poor's Ratings Services cut its long- and short-term credit ratings on RBS to 'A+/A-1' from 'AA-/A-1+'.