Bulletin: Jane Street Group LLC Ratings Are Unaffected By Term Loan Refinancing And Upsizing

NEW YORK (S&P Global Ratings) Feb. 6, 2018--S&P Global Ratings today said its ratings on Jane Street Group LLC are unchanged following the refinancing of the firm's existing $592.5 million term loan and its upsizing by $207.5 million. Our 'BB-' issuer credit and senior secured debt ratings on Jane Street Group reflect the firm's highly profitable leading exchange-traded fund market-making franchise and adequate capitalization, with an expected risk-adjusted capital ratio that should remain above 7% in 2018, in our view, despite the likely increase in trading capital following the upsize of the term loan. We believe these strengths are partially offset by the firm's limited contingent liquidity given its reliance on short-term wholesale funding, as well as its reliance on

...NEW YORK (S&P Global Ratings) Feb. 6, 2018--S&P Global Ratings today said its ratings on Jane Street Group LLC are unchanged following the refinancing of the firm's existing $592.5 million term loan and its upsizing by $207.5 million. Our '##-' issuer credit and senior secured debt ratings on Jane Street Group reflect the firm's highly profitable leading exchange-traded fund market-making franchise and adequate capitalization, with an expected risk-adjusted capital ratio that should remain above 7% in 2018, in our view, despite the likely increase in trading capital following the upsize of the term loan. We believe these strengths are partially offset by the firm's limited contingent liquidity given its reliance on short-term wholesale funding, as well as its reliance on volatile principal trading revenue. Only a rating committee may determine a rating action and this report does not constitute a rating action....

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