Sydney, 31 October 2016
Macquarie Group Limited (ASX: MQG; ADR: MQBKY) today noted Standard and Poor's (S&P) affirmed the ratings of the Macquarie Group of companies and changed the outlook from stable to negative as a consequence of its assessment of Australian economic conditions.
Following today's report, the ratings of entities in the Macquarie Group of companies is as follows:
|Macquarie Bank Limited||A / A-1||Affirmed||Negative|
|Macquarie Group Limited||BBB / A-2||Affirmed||Negative|
|Macquarie Financial Holdings Proprietary Limited||BBB / A-2||Affirmed||Negative|
|Macquarie International Finance Limited||A- / A-2||Affirmed||Negative|
Macquarie notes S&P's comments that today's changes to the outlooks for 25 institutions across the Australian financial services industry reflects their view that the "economic risks facing all financial institutions operating in Australia are rising due to the strong growth in private sector debt and residential property prices in the past four years, notwithstanding some signs of moderation in growth in recent months."
The Group also noted the following comments made today by S&P: