Standard&Poor's Ratings Services' ratings on Jefferies Finance LLC (JFIN) reflect its narrow business model, rapid growth plans, and the liquidity and credit risk in its originate-to-syndicate strategy. The company's track record of relatively modest credit losses and the funding, credit, and operational support provided by its two equity owners--Jefferies Group LLC (Jefferies) and Massachusetts Mutual Life Insurance Co. (MassMutual)--are positive ratings factors. We add one notch to our 'b+' stand-alone credit profile on JFIN to arrive at the 'BB-' issuer credit rating because we believe Jefferies would support the entity under some circumstances of stress. JFIN is a $1.7 billion commercial lending joint venture that Jefferies and MassMutual own fully and equally. Jefferies launched JFIN in 2004, in
