Well-diversified business position and strong Australian market share and position in specialized commercial banking, investment banking, and asset management. Main operating entity, Macquarie Bank Ltd. (MBL), is a potential recipient of extraordinary Australian government support, in the unlikely event it were required. Moderate risk position, due to the wide range and complex nature of credit, market, and operational risks noting that risk-management capabilities and track record is very good. Our ratings on Macquarie Group Ltd. (MGL) reflect the anchor stand-alone credit profile (SACP) for a financial institution operating mainly in Australia; plus the group's "adequate" business position, "adequate" capital and earnings, "moderate" risk position, and "adequate" liquidity and "average" funding; as well as its status as a holding company. Our
