Summary: Mizuho Capital Markets LLC (Series 2022-FRA-1, 2022-FRTA-1, 2022-FRA-2A, 2022-FRA-2B, 2022-FRA-3, And 2022-FRA-4 ); Custodial Receipts

S&P Global Ratings assigned its 'AA+' rating to Mizuho Capital Markets LLC's series 2022-FRA and 2022-FRTA custody receipts, based on the standby credit enhancement provided by Freddie Mac. Mizuho Capital Markets LLC is both sponsor and depositor. Each series of custody receipts will evidence a beneficial ownership interest by the respective custody receiptholder of the related series of underlying assets, which, depending on the particular series of custody receipts, are either bonds or notes delivered to the custodian, including the right to receive all principal-and-interest payments with respect to the underlying assets. In addition, 2022-FRA and 2022-FRTA certificateholders have a beneficial interest in amounts available under the standby credit enhancement provided by Freddie Mac, which is the basis for the

...S&P Global Ratings assigned its '##+' rating to Mizuho Capital Markets LLC's series 2022-FRA and 2022-FRTA custody receipts, based on the standby credit enhancement provided by Freddie Mac. Mizuho Capital Markets LLC is both sponsor and depositor. Each series of custody receipts will evidence a beneficial ownership interest by the respective custody receiptholder of the related series of underlying assets, which, depending on the particular series of custody receipts, are either bonds or notes delivered to the custodian, including the right to receive all principal-and-interest payments with respect to the underlying assets. In addition, 2022-FRA and 2022-FRTA certificateholders have a beneficial interest in amounts available under the standby credit enhancement provided by Freddie Mac, which is the basis for the custody receipts rating. The 2022-FRA and 2022-FRTA series designation will depend on the underlying assets' tax-related status. Series 2022-FRA custody receipts will be paired...

Summary