A well-diversified business across different asset classes and geographies Stable and repeatable income strengthens the business profile Strong capitalized bank representing a majority of the group More complex nature of credit, market, and operational risks relative to traditional main stream banks, but trend improving Nonbank group leverage The positive outlook on Macquarie Group Ltd. (MGL) reflects our view that the rating on the group could benefit from an improvement in the group and Macquarie Bank Ltd.'s (MBL) risk profile. We see a one-in-three chance of an upside scenario over the next two years. A potential upgrade could occur if we formed the view that the group's risk profile has improved, including an improvement in the bank's risk profile. Triggers that
