A well-diversified business across different asset classes and geographies Stable and repeatable income, which strengthens the business profile Strongly capitalized bank, representing the majority of the group More complex nature of credit, market, and operational risks relative to traditional main stream banks, but with an improving trend 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 year. A potential upgrade could occur if we formed the view that the group's and bank's risk profiles have improved. Triggers that we would consider could
