We assigned our'A- (sf)'ratings to Park Hills Funding LLC and Ionic Funding LLC's class A notes and class B certificates. The rating reflects our view of the program's legal structure, the credit and liquidity support provided counterparties rated at least'A-', and issuance tests, among other factors. NEW YORK (S&P Global Ratings) Oct. 30, 2026--S&P Global Ratings today assigned its long-term'A- (sf)'ratings to the class A notes and class B certificates issued by Park Hills Funding LLC and Ionic Funding LLC . Our ratings reflect: 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 full credit and
