Experienced management team Credit, capital, and distribution support from its joint venture owners Moderate strategic importance to Jefferies Group LLC Short operating history and concentration in commercial real estate Fluctuating capital base Dependence on repurchase agreement funding facilities Standard&Poor's Ratings Services' ratings on Jefferies LoanCore LLC (JLC) reflect the company's short operating history and concentration in commercial real estate (CRE), capital base that fluctuates substantially from quarter to quarter, and dependence on repurchase agreement funding facilities. The credit, capital, and distribution support the company's joint venture owners provide and the company's experienced management team are positive rating factors. To arrive at the 'B+' issuer credit rating, we add one notch to our 'b' stand-alone credit profile on JLC
