Macquarie Group Limited (ASX:MQG) has been hit with a two-notch downgrade to its credit rating.
In a surprise move by Standard and Poor’s, the ratings agency maintained a stable A- rating on Macquarie Bank, but the Group fell to BBB with a stable outlook, two notches above junk-grade status.
S&P noted that many markets in which Macquarie operates are inherently complex and volatile.
In the six months to September 30, 2011 Macquarie Group reported a net profit of $308 million.
