KBRA Assigns Senior Unsecured Debt Rating to Ripple Prime CIV US BD HoldCo LLC
KBRA assigns a senior unsecured debt rating of BBB with a Stable Outlook to Ripple Prime CIV US BD HoldCo LLC ("the company"), the intermediate holding company for its primary operating subsidiary, Hidden Road Partners CIV US LLC ("Ripple Prime US" or "the firm"). The firm is an SEC-registered broker-dealer, CFTC-registered futures commission merchant (FCM), a member of FINRA and SIPC, a clearing member of CME Group exchanges, and a member of the FICC Government Securities Division. KBRA previously assigned BBB issuer ratings to both the company and the firm on April 2, 2026.
Key Credit Considerations
The senior unsecured debt rating of BBB reflects no notching from the company's issuer rating, reflecting KBRA's view that recovery prospects for senior unsecured creditors are broadly consistent with the issuer rating.
The issuer rating for Ripple Prime US recognizes that its business model is in a scaling phase, focused primarily on clearing and intermediation services within its exchange-traded derivatives (ETD) platform, launched in 2024, as well as similar activities within fixed income repo, which reached meaningful scale in 2025 and are centered on short-duration U.S. Treasuries and agency securities.
