S&P Global Ratings' 'A-1 (sf)' short-term ratings on Armada Funding Co. LLC's U.S. dollar-denominated standard, callable, puttable, and puttable/callable ABCP notes primarily reflect: The program's legal structure, including Armada's intended bankruptcy-remote status; The full credit and liquidity support provided by liquidity agreements in the form of asset purchase agreements, loan agreements, global or master securities lending agreements, global or master repurchase agreements, and hedge agreements in the form of total return swaps with counterparties rated at least 'A-1'; The amounts received from the liquidity agreements being sufficient to pay the outstanding standard, callable, puttable, and puttable/callable ABCP notes on their respective payment dates; ABCP note issuance tests that restrict the issuance to amounts that can be fully supported by liquidity