...S&P Global Ratings assigned its short-term 'A-1 (sf)' ratings to Ionic Funding LLC's series MCP I U.S. dollar-denominated class A notes and class B certificates. The ratings primarily reflect: + 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), and other forms of support such as guarantees (if applicable) and master securities lending agreements (MSLAs) (if applicable), with counterparties rated at least 'A-1'; + The amounts received from the hedge agreements in the form of TRS, guarantee (if applicable), and MSLA (if applicable) 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 class...
