S&P re-rates Macquarie Group
(19 February 2010 – Australia) Standard and Poor’s, a leading financial market intelligence agency, has revised its outlooks for Macquarie’s group of companies from ‘negative’ to ‘stable’.
Standard & Poor's said the ratings are supported by the group’s strong market positions in its key business lines; institutional broking, investment banking, unlisted funds management and fixed income, commodities, and currency (FICC), which collectively account for about three-quarters of the group's earnings.
The rating agency added that they consider the group's strong risk management capabilities and risk management framework, offset the risks inherent in the group’s business model.
Standard and Poor’s rated Macquarie Bank Limited’s issuer credit ratings as 'A' long-term and 'A-1' short-term.
The agency also affirmed the ratings for Macquarie Group Limited, Macquarie Financial Holdings Limited and Macquarie International Finance Limited as issuer credit ratings of 'A-' long-term and 'A-2' short term.
An 'A' long-term issue credit rating was awarded to Macquarie Life Limited.
Greg Ward, chief financial officer, Macquarie, said that the group welcomed the ratings affirmation and revised outlooks, which S&P noted reflected the group’s ability to maintain supportive capital and a satisfactory earnings profile, as well as manage funding and liquidity challenges, notwithstanding continued, albeit reduced, uncertainty in the environment in which the group operates.
The rating agency added that they consider the group's strong risk management capabilities and risk management framework, offset the risks inherent in the group’s business model.
Standard and Poor’s rated Macquarie Bank Limited’s issuer credit ratings as 'A' long-term and 'A-1' short-term.
The agency also affirmed the ratings for Macquarie Group Limited, Macquarie Financial Holdings Limited and Macquarie International Finance Limited as issuer credit ratings of 'A-' long-term and 'A-2' short term.
An 'A' long-term issue credit rating was awarded to Macquarie Life Limited.
Greg Ward, chief financial officer, Macquarie, said that the group welcomed the ratings affirmation and revised outlooks, which S&P noted reflected the group’s ability to maintain supportive capital and a satisfactory earnings profile, as well as manage funding and liquidity challenges, notwithstanding continued, albeit reduced, uncertainty in the environment in which the group operates.
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