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S&P affirms Leucadia National, Jefferies Group

S&P Global Ratings has affirmed its BBB- issuer credit and senior debt ratings on Leucadia National Corp. and Jefferies Group LLC.

The rating agency has also affirmed the BBB issuer credit ratings on Jefferies LLC and Jefferies International Ltd. Additionally, Jefferies Finance LLC's ratings have been affirmed.

The rating agency has also removed the under criteria observation designation that it had previously assigned to the long-term ratings.

S&P has affirmed the ratings as Leucadia's pro forma risk-adjusted capital ratio as of June 30 improved, primarily due to the rating agency's revised treatment of investments in unconsolidated financial institutions under its new risk-adjusted framework methodology.

The outlooks on all of the companies remain stable. S&P expects capitalization, funding and liquidity to benefit from good consolidated earnings and initiatives to limit principal credit and market risk exposure and leverage.

S&P Global Ratings and S&P Global Market Intelligence are part of S&P Global Inc.