S&P rates Hudson River Trading term loan add-on BB-

S&P said it affirmed its BB- issuer credit and senior secured debt ratings on Hudson River Trading LLC and assigned a BB- rating to the firm's senior secured term loan B add-on.

The outlook on the issuer credit rating remains stable.

“Our ratings on HRT reflect its adequate capitalization and highly profitable high-frequency trading franchise. We believe the firm's operational risk, reliance on short-term prime broker funding, and transactional principal trading revenue – which can vary quarter by quarter – partially offset these strengths,” S&P said in a news release.

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