Established market position in leveraged loan origination Long-term, stable funding Implicit support of Jefferies Group Business concentration in leveraged finance Significant underwriting and undrawn revolving commitments The stable outlook indicates that S&P Global Ratings expects Jefferies Finance LLC (JFIN) will maintain leverage (including JFIN Parent) under 4.5x debt to adjusted total equity (ATE) over the next 12 months and successfully manage its underwriting and undrawn commitments. We also expect Mass Mutual and Jefferies to continue to support JFIN and the company to remain at least moderately strategically important to Jefferies. We could lower the ratings in the next 12 months if: Liquidity becomes strained, perhaps because of underwriting commitments or draws on revolvers by portfolio companies; Debt to ATE rises
