...- Global commodities broker Marex Spectron Group Ltd. (Marex) has seen a deterioration in group capital following recent mergers and acquisitions and a material legal provision in 2018. This is alongside an increase in its risk appetite above historically very conservative levels. - We are therefore revising our outlooks on nonoperating holding company Marex and the main operating holding company Marex Financial Ltd. to negative from stable. - We are affirming our '###-' long-term and 'A-3' short-term issuer credit ratings on Marex, and our '###' long- and 'A-2' short-term issuer credit ratings on Marex Financial. - The negative outlooks reflect our view that there is an increased probability that the group will be unable to restore its capitalization, and that Marex's increasing risk appetite, albeit from a low level, may further hamper our aggregate view of the ratings....
