Jane Street LLC has generated very strong earnings so far in 2020 as its trading has benefited from COVID-19-related market volatility in many of its products. The retention of these earnings has boosted equity, which we expect will help support the expansion of the trading business and the maintenance of a risk adjusted capital ratio above 10%. As a result, we are affirming our 'BB-' issuer credit and senior secured debt ratings on Jane Street. The stable outlook reflects our expectation for solid, albeit potentially volatile, profitability as Jane Street expands its trading business. On July 24, 2020, S&P Global Ratings affirmed its 'BB-' issuer credit and senior secured debt ratings on Jane Street Group LLC. The outlook remains stable.
