Jefferies Finance LLC (JFIN) has reduced leverage and posted strong operating results, while asset quality risks are receding. The risk of a liquidity stress has diminished with the reopening of the U.S. economy and favorable financing conditions. We are revising our outlook on JFIN to stable from negative, and affirming our 'BB-' issuer credit and senior secured debt ratings on the company. The stable outlook reflects our expectations that JFIN will maintain leverage below 4.5x debt to adjusted total equity (ATE) over the next 12 months and successfully manage its underwriting and undrawn commitments. On July 12, 2021, S&P Global Ratings revised its outlook on Jefferies Finance LLC (JFIN) to stable from negative. At the same time, we affirmed our
