Jane Street Group LLC (Jane Street) has a highly profitable leading ETF market-making franchise and adequate capitalization. The firm is issuing a $600 million senior secured term loan B. 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. We are assigning our 'BB-' issuer credit and senior secured debt ratings on Jane Street. At the same time we are assigning our 'BB-' issue rating on the new senior secured debt. The outlook is stable, reflecting our expectation that the company will continue to grow with the ETF sector, with strong--albeit potentially volatile--earnings and adequate risk-adjusted capitalization. On July 25,
