The stable outlook reflects our expectation that Marex's continued good trading performance and solid capitalization, tempered by increased balance-sheet risk, will support the rating over the next 24 months. We could lower our ratings or revise our rating outlook to negative if our projected risk-adjusted capital (RAC) ratio were to fall below 10%; or if Marex were unable to sustainably restore the gross stable funding ratio (GSFR) beyond 90%, likely as a result of further sustained increases in contingent funding and liquidity needs. We will continue to monitor the financial impact of Marex's rapid growth and planned IPO on our quantitative and qualitative metrics. A positive rating action is unlikely in the next 12-24 months. Rating upside is limited by
