LUK Leucadia National Corp.

Standard & Poor's Ratings Services cut its issuer credit rating on Jefferies Group LLC to BBB-minus, from BBB.

The ratings firm said the action was driven by revisions to its criteria for U.S. securities firms, and not a sudden change in the creditworthiness of Jefferies.

S&P's BBB-minus rating is one step above junk level.

Jefferies's parent, Leucadia National Corp., also had its rating cut by S&P to BBB-minus from BBB. S&P kept its stable outlook for both.

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