Ratings assigned Class Rating A notes(i) A- (sf) B certificates(i) A- (sf) (i)The class A notes can be issued at a discount or on an interest-bearing basis at either a fixed or floating rate. The class B certificates can be issued on an interest-bearing basis at either a fixed or floating rate. The notes and certificates are denominated in U.S. dollars. S&P Global Ratings'long-term A- (sf)'ratings on Park Hills Funding LLC and Ionic Funding LLC ’s series 2026-1 U.S. dollar-denominated class A notes and class B certificates reflects the following: The program's legal structure, including Park Hills Funding LLC, Ionic Funding LLC (Ionic), Capitolis Liquid Global Markets LLC (CLGM), and Capitolis MAPS LLC's (C-MAPS’) intended bankruptcy-remote status; The
