Hudson River Trading LLC (HRT) is refinancing its senior secured term loan and increasing it by $150 million. The incremental debt will provide additional stable funding to support liquidity as well as trading capital to support the continued expansion of its trading operations. We are affirming our 'BB-' issuer credit and senior secured debt ratings on HRT, and we are assigning our 'BB-' rating on the new senior secured term loan. The stable outlook reflects our expectation that HRT will maintain profitability, a risk-adjusted capital ratio above 10%, a gross stable funding ratio above 100%, a liquidity coverage metric above 95%, and sufficient available liquid capital. On Jan. 23, 2020, S&P Global Ratings affirmed its 'BB-' issuer credit and senior
