The stable outlook reflects Marex's continued good trading performance in a volatile commodities market, and materially improved capital headroom following the issuance of its Additional Tier 1 (AT1) instrument. These come alongside a well-managed, if constantly evolving, risk profile and solid funding position. We could lower our ratings if Marex's risk-adjusted capital (RAC) ratio were to fall below 11% on a sustained basis; its risk profile were to deteriorate; or its funding and liquidity position deteriorated rapidly--likely demonstrated by significant outflows in its structured notes program--and diminished liquidity headroom as a consequence of margin calls, or other contingent liquidity needs. We are currently unlikely to upgrade Marex, but we could consider this action if Marex were to materially expand and
