Summary: Mizuho Capital Markets LLC (Series FRTA-5); Custodial Receipts

S&P Global Ratings assigned its 'AA+' rating to Mizuho Capital Markets LLC series FRTA-5 custody receipts based on the standby credit enhancement provided by Freddie Mac. Mizuho Capital Markets LLC is both sponsor and depositor. The custody receipt will evidence a beneficial ownership interest by the respective custody receiptholder of the related series of underlying assets, including the right to receive all principal-and-interest payments with respect to underlying assets. In addition, the FRTA certificateholder has a beneficial interest in amounts available under the standby credit enhancement provided by Freddie Mac, which is the basis for the custody receipt rating. The FRTA designation depends on the underlying assets' tax-related status. Series FRTA custody receipts will be paired with taxable bonds and

...Our ratings on these issues are linked to the liquidity provider and underlying security. Environmental, social, and governance (ESG) factors that have an effect on the ratings on these linked entities could also have an effect on the ratings on these receipts. Our assessment of the creditworthiness of the underlying security and liquidity provider incorporates any material ESG credit factors. Our assessment of the creditworthiness of the liquidity provider and underlying security incorporates any material ESG credit factors regardless of any self-designation, such as green or social, the underlying issuer might apply. (For further information on the ESG considerations relevant for bank ratings and underlying securities, refer to the U.S. and Canadian, EMEA, Asia-Pacific, and Latin American bank ESG industry report cards and "Through The ESG Lens 3.0: The Intersection Of ESG Credit Factors And U.S. Public Finance Credit Factors," published March 2, 2022, on RatingsDirect.)...

Summary