Over the last two years, Jane Street Group LLC (Jane Street) has sustained high capitalization levels thanks to its solid earnings. Since the majority of the company's revenues come from subsidiaries that are free from regulatory capital restrictions, in our view, the group holding company's capacity to service its debt from the available cash flows from its subsidiaries has strengthened. As a result, we raised our issuer credit and secured debt ratings on Jane Street to 'BB' from 'BB-'. The stable outlook reflects our expectation of solid, albeit potentially volatile, profitability and a strong capital position. On June 23, 2023, S&P Global Ratings raised its issuer credit and secured debt ratings on Jane Street to 'BB' from 'BB-'. The outlook
