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 The stable outlook on Jefferies LoanCore LLC (JLC) reflects Standard&Poor's Ratings Services' expectation that the company will maintain profitability and capitalize on the fairly plentiful lending opportunities in commercial real estate (CRE) in 2015 and 2016. We also expect the company to maintain at least $300 million of total equity at all times and to continue originating mostly senior fixed- and floating-rate CRE loans. We could lower our rating on JLC if we thought it was materially lowering its underwriting
