Marex Spectron Group Ltd. (Marex) has demonstrated a stable risk performance despite unprecedented volatility over the first half of 2020. However, risks in the solutions and clearing businesses will increase as long as these businesses continue to expand, and the prospect of further market dislocation remains. Furthermore, despite robust earnings in the first quarter of 2020, Marex's capital remains close to our threshold for a lower rating. We are therefore affirming our long- and short-term issuer credit ratings of 'BBB-/A-3' on the group holding company Marex and 'BBB/A-2' on the main operating entity Marex Financial. The outlook remains negative and continues to reflect our opinion that our aggregate view of Marex's capitalization and risk exposure might no longer be commensurate
