...February 13, 2025 TORONTO (S&P Global Ratings) Feb. 13, 2025--S&P Global Ratings today assigned its '##-' issue rating to Jump Financial LLC's (Jump; ##-/Stable/--) new $650 million senior secured term loan maturing in 2032. The proceeds of the new loan will be used to repay the existing $484 million term bank loan and to provide additional trading capital to support expansion of Jump's trading business and liquidity. We expect that deployment of the additional trading capital from this issuance will not materially erode the firm's capitalization. Despite balance-sheet growth, we estimate Jump's risk-adjusted capital (RAC) ratio increased to 14.8% at year-end 2024 from 12.7% in 2023, owing to record net income last year and strong earnings retention. Even accounting for expected growth in trading operations and exposures, we assume the RAC ratio will remain about 13%, which is comfortably above the 10% threshold for the current ratings. Jump is in the process of securing a $250 million...
