Well-diversified businesses across asset classes and geographies. Strong risk-management capabilities. Group balance-sheet strength provides a substantial capital buffer and flexibility. Capital-market-facing businesses exposed to volatility. More complex credit, market, and operational risks than traditional banking groups. Our stable outlook on Macquarie Group Ltd. (MGL), the nonoperating holding company of the Macquarie group, reflects our expectation that the group will maintain its creditworthiness over the next two years. This is on the back of its well-diversified businesses across asset classes and geographies; stable and repeatable income from asset-management and banking activities; balance-sheet strength that provides a 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 risk
