S&P rates Macquarie Bank Europe DAC A+

S&P said it assigned an A+ rating to Macquarie Bank Europe DAC, which was established as part of Macquarie Group Ltd.’s contingency plans related to the United Kingdom’s decision to leave the European Union. The Central Bank of Ireland approved the bank as a credit institution to conduct banking activities in Ireland, and it will be able to leverage existing infrastructure in Ireland.

S&P said that though the bank is a small part of the Macquarie group, the agency considers the bank a core subsidiary based on its ability to service European Economic Area and non-EEA domiciled clients.

“In particular, MBE will play a key role in supporting the group’s euro trading and futures clearing services, building on the existing London-based business, as well as lending and leasing activities across the EEA,” said S&P in a press release.

The outlook is stable. S&P bases the stable outlook on the belief the bank would receive timely and adequate help if needed from the Macquarie group.

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