Hudson River Trading LLC (HRT) is issuing an add-on to its senior secured loan. The incremental debt will provide additional stable funding and 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 to the new senior secured term loan add-on. The stable outlook reflects our expectation that HRT will maintain profitability, a risk-adjusted capital ratio above 10%, and adequate funding and liquidity. On Aug. 10, 2020, S&P Global Ratings affirmed its 'BB-' issuer credit and senior secured debt ratings on Hudson River Trading LLC. We also assigned our 'BB-' rating to the firm's
