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Moody's upgrades Jefferies Financial's debt rating, affirms Jefferies Group

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Moody's upgrades Jefferies Financial's debt rating, affirms Jefferies Group

Moody's on May 30 upgraded the senior unsecured debt rating of Jefferies Financial Group Inc. to Baa3 from Ba1.

The company's outlook was changed to stable from positive.

The rating agency also affirmed the Baa3 long-term issuer rating and senior debt ratings of Jefferies Group LLC, as well as the Baa2 long-term issuer ratings of its broker/dealer subsidiaries, Jefferies LLC and Jefferies International Ltd.

The outlook for Jefferies Group, Jefferies LLC and Jefferies International is stable.

Moody's said the upgrade on Jefferies Financial's senior debt reflects the company's implementation of disciplines regarding liquidity, leverage and concentration. The affirmations reflect Jefferies Financial's strategy to decrease legacy investment concentrations, enhance its investment banking capabilities and make its fixed income operations more efficient, according to the rating agency.