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Moody's: Macquarie view negative
Moody's Investors Service said it affirmed the senior long-term debt ratings of Macquarie Group Ltd. at A2 and its subsidiaries, including deposits and senior debt rating at A1 of Macquarie Bank Ltd.'s.
A negative outlook was assigned.
The prime-1 short-term ratings of the group and bank were affirmed and retain a stable outlook.
The negative outlook addresses the potential for an extended, global economic and capital markets slowdown to negatively affect Macquarie's earnings in 2009 and possibly beyond, Moody's said. The outlook also reflects the challenges to wholesale banking business models created by the current environment, the agency said.
Despite that, Macquarie's credit profile remains robust and it has excellent liquidity characteristics, Moody's said.
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