Jane Street Group LLC continues to expand its trading business, including in derivatives, and maintain adequate capitalization. It has also built up on-balance-sheet liquidity. We are affirming our 'BB-' issuer credit and senior secured debt ratings on Jane Street Group LLC. The outlook remains stable, reflecting our expectation for Jane Street to maintain a risk-adjusted capital (RAC) ratio around 9% and liquidity to offset margin-call exposure, including margin to net trading capital below 60%, and solid, albeit potentially volatile, profitability as it continues to expand its trading business. On July 17, 2019, S&P Global Ratings affirmed its 'BB-' issuer credit and senior secured debt ratings on Jane Street Group LLC (Jane Street). The outlook on the long-term issuer credit rating
