Jane Street Group LLC's very strong revenue growth in 2020 greatly increased the amount of operational risk included in our risk-adjusted capital (RAC) ratio and, coupled with the firm's expansion of its trading business, lowered this ratio to about 8.3%. However, because the ratio is now more fully reflective of its operational and other risks, we continue to view its overall risk-adjusted capitalization as adequate. As a result, we affirmed our 'BB-' issuer credit and senior secured debt ratings on Jane Street. The stable outlook reflects our expectations for the RAC ratio to remain about 8% and for solid, albeit potentially volatile, profitability as Jane Street expands its trading business. On July 22, 2021, S&P Global Ratings affirmed its 'BB-'
