Fitch Ratings upgraded the long-term ratings of Macquarie Group to A from A-. Fitch also affirmed the long-term ratings of Macquarie Bank at A. The outlook on the pair’s ratings is stable. Global corporates and households “are in the midst of a major credit correction [and] our indicator suggests the current downcycle will be felt well into 2023,” S&P Global Ratings project in a report on their Credit Cycle Indicator. “While the CCIs are trending downward across the board--indicating a credit correction is underway--the potential hit of the build-up of nonperforming loans and defaults could linger beyond the stress period in late 2022 and early 2023,” the ratings agency said in an overview.