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. On May 9, 2019, S&P Global Ratings raised
