Meanwhile Macquarie Group is facing a possible downgrade from Moody’s, after the US ratings group yesterday changed Macquarie’s outlook to "negative”.
Moody’s affirmed its A2 rating for Macquarie’s long-term senior debt, and A1 ratings for the long-term deposits and senior debt of its subsidiaries, including Macquarie Bank Ltd.
The agency said "The negative outlook on the long-term ratings addresses the potential for an extended, global economic and capital markets slowdown to negatively affect Macquarie’s earnings in calendar 2009 and possibly beyond.
"The outlook also reflects the challenges to wholesale banking business models created by the current environment, which may continue to some degree, even post-crisis.”
Moody’s affirmed Macquarie’s Prime-1 short-term ratings and stable outlook.
Macquarie’s shares fell to a low of $31.60 before recovering to $32.05. They are down 58% this year.
