S&P rates Hudson River Trading, loan BB-

S&P said it assigned its BB- issuer credit and senior secured debt ratings on Hudson River Trading LLC.

The outlook is stable.

The agency also assigned a BB- issue rating on Hudson’s new senior secured term loan B.

S&P said the ratings on the company reflect its highly profitable high-frequency trading market-making franchise and adequate capitalization.

However, the firm's operational risk, limited sources of contingent liquidity and reliance on principal trading revenue, which can be volatile, partially offset these strengths, the agency said.

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