Macquarie Asset Management's sale of its public investment business in North America and Europe to Nomura for AU$2.8 billion is unlikely to impact Macquarie Group's (ASX:MQG) ratings, Fitch Ratings said in a Wednesday report.
The sale will reduce Macquarie's annuity style and stable income sources, but is unlikely to put pressure on Macquarie's viability rating or the issuer default ratings, because the divestment is not expected to have a material impact on group earnings over the long term.
The sale will reduce Macquarie's noninterest income, but Macquarie's earnings are expected to remain the most diversified of the large banking groups in Australia.
The firm has reasonable buffers at its current rating level. The implied viability rating will remain unchanged even if there is a downward revision of the group's earnings and profitability or business profile score.
Macquarie has a long-term issuer default rating of "A," with a stable outlook, and a viability rating of "a."
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