Jefferies Finance LLC (JFIN) is reducing debt, refinancing or paying off its senior secured term loan and most of its senior notes, while issuing a $700 million senior secured bank loan, an undrawn $275 million super-senior secured revolver, and, we anticipate, senior secured notes. We are raising our issuer credit and senior secured debt ratings to 'BB-' from 'B+'. We are also assigning our 'BB-' issue ratings on the new bank loan and super-senior revolver and senior secured notes, as well as affirming our 'B+' senior unsecured debt rating. The stable outlook reflects our expectation that debt to adjusted total equity will consistently remain below 4.5x with adequate liquidity and stable funding. NEW YORK (S&P Global Ratings) May 9, 2019--
