Royal Bank of Scotland (RBS) was under pressure following fears that its exposure to the commercial property market will lead to further writedowns and losses in 2009.

Ratings agency Moody's put the beleaguered bank under review for a possible credit rating downgrade, reviewing its "B Bank Financial Strength Rating" and also the RBS's Aa1 senior long-term debt.

‘The £20bn capital recently raised by the bank from the government provides a significant buffer against additional writedowns and provisions, however, the ongoing earnings volatility and expected decline in asset quality indicate that the bank's ratings are less consistent with other B BFSR rated financial institutions.’ said the rating agency.

According to the Telegraph, Elisabeth Rudman, vice president and senior credit officer at Moody's is particularly concerned about the bank's commercial property and construction exposures (about £111bn globally and £82bn in the United Kingdom).