... across different asset classes and geographies. + Strong risk-management capabilities. + Group balance sheet strength provides substantial buffer and flexibility. + Capital market-facing businesses exposed to volatility. + More complex credit, market, and operational risk exposure compared with local and international peers. Outlook Our stable outlook on Macquarie Group Ltd. (MGL), the non-operating holding company of the Macquarie group, reflects our expectation that the group will maintain its creditworthiness in the next two years. Our view is based on its well-diversified businesses across different asset classes and geographies; stable and repeatable income from asset management and banking activities; balance sheet strength that provides substantial buffer against COVID-19 volatility and flexibility should opportunities arise; and strong risk-management capabilities to manage the group's more complex credit, market, and operational...
