Ionic Funding LLC Series II Assigned Ratings

We assigned our 'A-1 (sf)' short-term ratings to the U.S. dollar-denominated class A notes and class B certificates. The ratings reflect our view of the program's legal structure and the credit and liquidity support provided by hedge agreements with counterparties rated at least 'A-1', among other factors. Ionic Funding LLC's series II U.S. dollar-denominated class A notes and class B certificates program is administered by Capitolis Administrator LLC. CHICAGO (S&P Global Ratings) Dec. 10, 2024--S&P Global Ratings today assigned its short-term 'A-1 (sf)' ratings to Ionic Funding LLC's series II U.S. dollar-denominated class A notes and class B certificates. The ratings primarily reflect: The program's legal structure, including Ionic Funding LLC, Capitolis Liquid Global Markets LLC, and Capitolis MAPS LLC's

...- We assigned our 'A-1 (sf)' short-term ratings to the U.S. dollar-denominated class A notes and class B certificates. - The ratings reflect our view of the program's legal structure and the credit and liquidity support provided by hedge agreements with counterparties rated at least 'A-1', among other factors. - Ionic Funding LLC's series II U.S. dollar-denominated class A notes and class B certificates program is administered by Capitolis Administrator LLC. CHICAGO (S&P Global Ratings) Dec. 10, 2024--S&P Global Ratings today assigned its short-term 'A-1 (sf)' ratings to Ionic Funding LLC's series II U.S. dollar-denominated class A notes and class B certificates. The ratings primarily reflect: - The program's legal structure, including Ionic Funding LLC, Capitolis Liquid Global Markets LLC, and Capitolis MAPS LLC's intended bankruptcy-remote status; - The full credit and liquidity support provided by hedge agreements in the form of total return swaps (TRS) with a counterparty rated at least...

Ratings Action