Marex Outlook Revised To Stable On Solid Capitalization Post AT1 Issuance; Ratings Affirmed; Notes Assigned 'BB-' Rating

Marex Group PLC (Marex) today issued a $100 million, perpetual additional tier one (AT1) instrument. The note materially strengthens Marex's capitalization, boosting its S&P Global Ratings risk-adjusted capital ratio (RAC) to above 12%. We revised our outlook on Marex to stable, affirmed our 'BBB-' issuer credit rating on the group, and assigned our 'BB-' issue rating to the group's AT1 instrument. The 'BB-' issue rating on the new notes reflects their subordination, the mandatory and discretionary coupon deferral clauses present in their documentation, and the mandatory equity conversion trigger. The stable outlook reflects Marex's improved capitalization and well-managed risk profile, despite its substantial growth and the significant volatility in its core commodities markets. LONDON (S&P Global Ratings) June 22, 2022--S&P

...June 22, 2022 - Marex Group PLC (Marex) today issued a $100 million, perpetual additional tier one (AT1) instrument. The note materially strengthens Marex's capitalization, boosting its S&P Global Ratings risk-adjusted capital ratio (RAC) to above 12%. - We revised our outlook on Marex to stable, affirmed our '###-' issuer credit rating on the group, and assigned our '##-' issue rating to the group's AT1 instrument. - The '##-' issue rating on the new notes reflects their subordination, the mandatory and discretionary coupon deferral clauses present in their documentation, and the mandatory equity conversion trigger. - The stable outlook reflects Marex's improved capitalization and well-managed risk profile, despite its substantial growth and the significant volatility in its core commodities markets. LONDON (S&P Global Ratings) June 22, 2022--S&P Global Ratings today revised the outlook on Marex to stable from negative; affirmed the '###-' rating on the group's holding company, Marex Group...

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