London, 18 July 2014 -- Moody's Investors Service (Moody's) has announced today that the execution of a deed of amendment and restatement (the "Amendment") by Royal Bank of Scotland plc ("RBS") relating to a swap agreement (the "Swap Agreement") between Zephyros Finance S.r.l. ("the Issuer") and RBS would not, in and of itself and as of this time, result in the downgrade or withdrawal of the notes issued by the Issuer.

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