Australia's Macquarie Bank, Macquarie Intl Finance ratings affirmed - Fitch |
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Tue, 23 Oct 2007 06:38
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MUMBAI (Thomson Financial) - Fitch Ratings said it has affirmed the ratings of Macquarie Bank Ltd and its funding unit Macquarie Intl Finance Ltd to reflect the bank's diverse business mix (underpinned by stable earnings capacity), prudent credit management, market and operational risks, and adequate capitalisation.The ratings, however, also recognise the bank cannot be considered risk-averse as it seeks to take advantage of suitable opportunities, Fitch said.The ratings affirmed for Macquarie Bank are the long-term foreign currency issuer default rating (IDR) at 'A+' with a stable outlook, short-term foreign currency IDR at 'F1', individual rating at 'A/B', support rating at '4', and the support rating floor at 'B+'.Macquarie Intl Finance's long-term foreign currency IDR was affirmed at 'A' with a stable outlook. Other ratings affirmed are the short-term foreign currency IDR at 'F1', individual rating at 'B/C' and support rating at '2'.The ratings agency said the recent problems in the US subprime mortgage market and subsequent global liquidity issues appear to have had a minimal impact on Macquarie Bank, which has a relatively low level of exposure to the troubled market plus a relatively strong liquidity position.Macquarie Bank is not a large provider of liquidity facilities to asset backed commercial paper conduit programmes, Fitch said.The ratings agency, however, said higher interest rates could negatively impact the bank's specialist funds business in the medium-term, though it has withstood the issues so far.TFN.newsdesk@thomson.comapm/manCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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