The Macquarie group and bank's risk management capabilities have strengthened over time in the context of a wide and complex range of credit and noncredit risk exposures across various businesses and geographies. We are raising our long-term issuer credit rating on MGL to 'BBB+' from 'BBB' and on MBL to 'A+' from 'A'. We are also raising our long-term issuer credit rating on MBL's hybrid debt instruments by one notch reflecting the improvement in the bank's stand-alone credit quality. The stable outlook reflects our expectation that our ratings on the Macquarie group and MBL will remain unchanged over the next two years. On Dec. 11, 2019, S&P Global Ratings raised its long-term issuer credit ratings on Australia-based Macquarie Group Ltd.
