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Article: MOODY'S RATES MACQUARIE GROUP'S CPS AT BAA1
- Article from:
- Info-Prod Research (Middle East)
- Article date:
- May 28, 2008
CopyrightCopyright 2008 Info-Prod Research (Middle East). Provided by ProQuest LLC. (Hide copyright information)
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Moody's Investors Service assigned a Baa1 rating to Macquarie
Group Limited's Convertible Preference Securities ("CPS"). The
rating outlook is stable. The Baa1 rating reflects the deeply
subordinated status of the CPS in bankruptcy, as well as the
restrictions on distributions under certain conditions. The CPS are
rated two notches below Macquarie Group Limited's senior unsecured
debt rating of A2, in line with Moody's standard notching practice
for preferred stock. In assigning the stable outlook, Moody's cited
Macquarie Group Limited's diversified revenue streams, strong
capitalisation, very low exposure to ...