New Issue: Ionic Funding LLC (Series II)

S&P Global Ratings' short-term 'A-1 (sf)' ratings on Ionic Funding LLC's (Ionic) series II U.S. dollar-denominated class A notes and class B certificates reflect the following: The program's legal structure, including Ionic Funding LLC, Capitolis Liquid Global Markets LLC (CLGM), and Capitolis MAPS LLC's (C-MAPS) intended bankruptcy-remote status. The full credit and liquidity support provided by a hedge agreement in the form of a total return swap (TRS) with a counterparty rated at least 'A-1'. The amounts received from the hedge agreements in the form of TRS being sufficient to pay the outstanding class A notes (which can be issued as standard and callable) and the callable class B certificates on their respective payment dates, as well as fees and

...S&P Global Ratings' short-term 'A-1 (sf)' ratings on Ionic Funding LLC's (Ionic) series II U.S. dollar-denominated class A notes and class B certificates reflect the following: + The program's legal structure, including Ionic Funding LLC, Capitolis Liquid Global Markets LLC (CLGM), and Capitolis MAPS LLC's (C-MAPS) intended bankruptcy-remote status. + The full credit and liquidity support provided by a hedge agreement in the form of a total return swap (TRS) with a counterparty rated at least 'A-1'. + The amounts received from the hedge agreements in the form of TRS being sufficient to pay the outstanding class A notes (which can be issued as standard and callable) and the callable class B certificates on their respective payment dates, as well as fees and expenses. + The class A note and class B certificate issuance tests that restrict the issuance amounts to no greater than amounts that can be fully supported by hedge agreements. + U.S. Bank Trust Co. N.A.'s ability to carry out its duties...

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