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Moody's upgrades Leucadia National rating, affirms Jefferies

Moody's has upgraded Leucadia National Corp.'s corporate family rating to Baa3 from Ba1.

The rating agency said the rating will be withdrawn as corporate family ratings are not typically assigned at an investment grade level.

Moody's has also affirmed the issuer rating of Leucadia National subsidiary Jefferies Group LLC at Baa3. The rating agency has also affirmed the issuer credit ratings of broker/dealer subsidiaries Jefferies International Ltd. and Jefferies LLC at Baa2.

The affirmation of Jefferies Group's ratings reflect the company's improved performance and management's commitment to a modestly leveraged and rapidly turning balance sheet. Moody's expects Leucadia National to continue to pursue an opportunistic merchant banking strategy.

The outlook on Leucadia National was changed from rating under review to stable. The outlook on Jefferies Group, Jefferies International and Jefferies remains stable.