Fitch affirms Macquarie Group

Fitch Ratings said it affirmed Macquarie Group Ltd.'s and its banking subsidiary Macquarie Bank Ltd.'s long-term and short-term issuer default ratings.

The outlook is stable.

While Fitch said it believes the group maintains strong balance sheet positions, which underpins the affirmations and stable outlook, the company has seen a marked deterioration in the operating environment.

The agency said it expects conditions to remain challenging for most of the group's operations.

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