Well-diversified business position and strong Australian market share and position in specialized commercial banking, investment banking, and asset management. Main operating entity, Macquarie Bank Ltd. (MBL), is a potential recipient of extraordinary Australian government support, in the unlikely event it were required. Moderate risk position, due to the wide range and complex nature of credit, market, and operational risks noting that risk-management capabilities and track record is very good. The stable outlook reflects our view that the ratings are likely to remain unchanged over the next one to two years. To maintain the stable outlook, we expect: Continuing good performance and risk management by MGL and key operating units, in particular, by the licensed banking entity Macquarie Bank Ltd. (MBL);
