Macquarie Group is the latest Australian banking firm to suffer a ratings downgrade by Fitch as the reviews most of the world’s major financial institutions.

Macquarie said the one notch downgrade related to global market issues rather than anything specific to its business.

Investors weren’t concerned by the Fitch move, with Macquarie shares gaining 50 cents, or 1.9 per cent, to $26.75 by 1530 AEDT.

One month after putting Macquarie on review, Fitch downgraded Macquarie Group’s long-term issuer default rating from A- from A.

Macquarie Bank, which funds the majority of the group’s activities, had its long-term issuer default rating downgraded to A from A+.

The downgrades were due to the market-oriented nature of Macquarie’s businesses, plus the group’s reliance on wholesale funding, Fitch said.

“An uncertain global economic environment and increasing regulation mean that absolute returns from these businesses are likely to be subdued relative to pre-2008 levels in the short to medium term,” the agency said in the statement.

“Also, market-oriented businesses have a more volatile earnings profile than traditional commercial banking businesses.”

Macquarie chief financial officer Patrick Upfold said Fitch’s new rating for Macquarie Bank was in line with the bank’s rating by Standard & Poor’s.

A one-notch downgrade from Fitch compared favourably to other global financial institutions, which had been downgraded by an average of 2.2 notches, he said.

The downgrade did not reflect any developments specific to Macquarie, but from a broad global review, Mr Upfold said in a statement.

Fitch’s review of global banking institutions, which also led to a downgrade of its credit ratings for Commonwealth Bank, Westpac and National Australia Bank in February, was now complete, the agency said.

Fitch noted in its statement that Macquarie had been active in addressing the changing economic environment, by exiting businesses, reducing costs and improving capital efficiency.