S&P Global Ratings assigned its short-term 'A-1 (sf)' ratings to Ionic Funding LLC's series III U.S. dollar-denominated class A notes and class B certificates reflects the following: 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) with 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, callable, puttable, and puttable/callable notes) and callable class B certificates on their respective payment dates, as well as fees and expenses; The
