Jefferies LoanCore LLC has sold a large portfolio of floating rate loans; reduced leverage, notwithstanding a reduction in drawn preferred equity; and is more focused on the origination of loans for commercial mortgage backed securitizations. We are affirming our 'B+' issuer credit rating and 'B' senior unsecured debt ratings on the company. The stable outlook reflects our expectation that the company will operate with debt to adjusted total equity leverage between 3x and 5x and more limited credit risk, and that it will remain profitable but results will be more volatile given the increased reliance on gains on sale of loans originated for commercial mortgage backed securitizations. On June 7, 2016, S&P Global Ratings affirmed its 'B+' issuer credit and
