...- 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 MCP I U.S. dollar-denominated class A notes and class B certificates program is administered by Capitolis Administrator LLC. NEW YORK (S&P Global Ratings) Dec. 13, 2023--S&P Global Ratings today assigned its short-term 'A-1 (sf)' ratings to Ionic Funding LLC's series MCP I 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), and other forms of support...
