Your rear catalyst (rearward cylinder bank) is not reacting properly. It will most likely need to be replaced if this is the only code you are getting.
This code does not directly relate to either of the sensors, with the exception that both are used to check the cat efficiency. The ECU is telling you the cat is not reacting properly to changes in A/F ratios. The front sensor will tell the ECU to alter the mixture, then the rear sensor checks that the cat has reacted properly to that mixture adjustment.
So, no other codes??
I would record the code, then reset it and see if/when it returns, could have been a one time occurence, if not you will probably need a cat.
HTH,
LarryB