Marex Group PLC (Marex) today issued a $100 million, perpetual additional tier one (AT1) instrument. The note materially strengthens Marex's capitalization, boosting its S&P Global Ratings risk-adjusted capital ratio (RAC) to above 12%. We revised our outlook on Marex to stable, affirmed our 'BBB-' issuer credit rating on the group, and assigned our 'BB-' issue rating to the group's AT1 instrument. The 'BB-' issue rating on the new notes reflects their subordination, the mandatory and discretionary coupon deferral clauses present in their documentation, and the mandatory equity conversion trigger. The stable outlook reflects Marex's improved capitalization and well-managed risk profile, despite its substantial growth and the significant volatility in its core commodities markets. On June 22, 2022, S&P Global Ratings
