Solid tangible equity buffers, albeit moderately diluted following provisioning and acquisitions. Historically cautious risk appetite and good loss track record, which we continue to monitor closely for deterioration as the group expands into new business lines. Limited scale and diversity of revenues compared to larger broker and bank peers. The negative outlook continues to reflect our opinion that our aggregate view of Marex Spectron Group Ltd.'s (Marex) capitalization and risk exposure might no longer be commensurate with the current ratings over the next 12-24 months. We could lower the ratings if: Marex's S&P Global Ratings-calculated risk-adjusted capital (RAC) ratio were to fall close to or below 10% on a sustained basis, likely as a result of further material acquisitions or
