Standard&Poor's Ratings Services' ratings on Jefferies LoanCore LLC (JLC) reflect the company's short operating history and concentration in commercial real estate (CRE), capital base that fluctuates substantially from quarter to quarter, and dependence on repurchase agreement funding facilities. The credit and distribution support the company's joint venture owners provide and favorable market conditions for CRE originators are positive rating factors. To arrive at the 'B+' issuer credit rating, we add one notch to our 'b' stand-alone credit profile on JLC because we believe one of its owners, Jefferies Group LLC (Jefferies), would support the entity under some circumstances of stress. Greenwich, Conn.-based JLC originates and sells CRE loans into the securitization market. Founded in 2011, the company has
