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S&P happy with Macquarie earnings profile

S&P happy with Macquarie earnings profile

(27 March 2007 – Australia) Standard & Poor's has affirmed its credit ratings on Macquarie Bank, saying the decision reflected the bank's solid earnings profile. S&P said Macquarie had a diversified business platform and strong asset quality experience. The ratings agency said Macquarie had strong management, well-entrenched risk discipline, and conservative financial policies.

Standard & Poor's credit analyst Craig Bennett said the bank was, however, involved in market segments that were highly complex, inherently volatile, and subject to intense competition.

'Involvement in these segments places greater reliance on the maintenance and quality of its risk management capabilities to evaluate, report, and manage residual risks,' he said.

S&P said Macquarie, which had total assets of A$112.6 billion and assets under management of about A$153 billion at 30 September 2006, had a global business profile that would underpin future earnings diversity and resilience.
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