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 on our quantitative and qualitative metrics. A positive rating action is unlikely in the next 12-24 months. Rating upside is limited by our view of
