Track record of relatively modest credit losses Funding, credit, and operational support from Jefferies Group and MassMutual Moderate strategic importance to Jefferies Group Narrow business model Rapid growth plans Liquidity and credit risk inherent in originate-to-syndicate strategy Standard&Poor's Ratings Services' ratings on Jefferies Finance LLC (JFIN) reflect its narrow business model, rapid growth plans, and the liquidity and credit risk in its originate-to-syndicate strategy. The company's track record of relatively modest credit losses and the funding, credit, and operational support provided by its two equity owners--Jefferies Group LLC (Jefferies) and Massachusetts Mutual Life Insurance Co. (MassMutual)--are positive ratings factors. We add one notch to our 'b+' stand-alone credit profile on JFIN to arrive at the 'BB-' issuer credit
