Correction: ratings on Macquarie hybrids

Macquarie Bank did publicise through the Australian Securities Exchange the revised rating on three series of hybrid securities adopted last week by Moody's Investors Service (but not publicised by Moody's).

Moody's lowered the ratings on the bank's Macquarie Income Securities to Baa2 from A3; on Converting Preference Shares to Baa3 from Baa1 and on Income Preferred Securities to Baa2 from A3. The ratings outlook is negative on all three securities.

As noted in yesterday's edition the downgrades follow a review of methodology of rating hybrids by Moody's that has been running for many months. Moody's also downgraded the hybrids of major banks.