Fitch Ratings has assigned a 'BBB+sf' rating and Stable Rating Outlook to $200 million in floating rate notes (FRNs) issued by Station Place Securitization Trust, Series 2024-CL1.

The rating and Stable Outlook reflects Jefferies Financial Group Inc.'s (Jefferies; BBB+/F2/Stable) rating and Outlook.

RATING ACTIONS

Entity / Debt

Rating

Station Place Securitization Trust, Series 2024-CL1

Floating Rate Notes, Series 2024-CL1 due 25 February 2026 U85670AA2

LT

BBB+sf

New Rating

Page

of 1

VIEW ADDITIONAL RATING DETAILS

Transaction Summary

Jefferies Funding LLC (JFLLC), a wholly owned subsidiary of Jefferies, will periodically sell assets to, and simultaneously agree to repurchase the same assets from, the trust pursuant to a master repurchase agreement (the MRA).

Monthly interest on the FRNs will be paid with funds the borrower receives from JFLLC under the MRA. JFLLC will also repurchase the assets at the value at which they were sold to the borrower, and the proceeds will be used by the borrower to make principal payments to the lender.

Jefferies has provided a full and unconditional guarantee of JFLLC's payment obligations to the trust under the repurchase agreement. The FRNs are secured by the repurchase agreement collateral and the rights under the repurchase agreement. The trust's payment obligations on the FRNs are not directly guaranteed by Jefferies.

KEY RATING DRIVERS

Credit Quality: Payment of the FRNs is supported by the guaranty from Jefferies in favor of the issuer. Jefferies, the sole risk-presenting entity, guarantees the obligations of JFLLC's obligations under the repurchase agreement. Jefferies's commitment under the guaranty ranks pari passu with all of its senior unsecured debt. This constitutes a pass-through rating of Jefferies's Long-Term Issuer Default Rating (IDR).

Number of Risk Contributors: Jefferies is the sole risk contributor to this transaction.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade

Direct Linkage to Risk-Presenting Entity: A change in Jefferies' Long-Term IDR will result in a corresponding change in the ratings assigned to the FRNs based on Fitch's Single- and Multi-Name Credit-Linked Notes Rating Criteria.

A downgrade of Jefferies' Long-Term IDR of one notch would result in a downgrade of the FRNs to 'BBBsf';

A downgrade of Jefferies' Long-Term IDR of two notches would result in a downgrade of the FRNs to 'BBB-sf'.

Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade

Direct Linkage to Risk-Presenting Entity: A change in Jefferies' Long-Term IDR will result in a corresponding change in the ratings assigned to the FRNs based on Fitch's Single- and Multi-Name Credit-Linked Notes Rating Criteria.

An upgrade of Jefferies' Long-Term IDR of one notch would result in an upgrade of the FRNs to 'A-sf';

An upgrade of Jefferies' Long-Term IDR of two notches would result in an upgrade of the FRNs to 'Asf'.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The FRN's rating is linked to Jefferies' Long-Term IDR, based on the credit support it provides under the guaranty. A change to the Long-Term IDR would automatically result in a change in the related FRNs' rating. Any changes to Fitch's view of any MRA, contract of guaranty or deterioration of the counterparties' credit quality may result in downgrades of the FRNs.

REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS

A description of the transaction's representations, warranties and enforcement mechanisms (RW&Es) that are disclosed in the offering document and which relate to the underlying asset pool was not prepared for this transaction. Offering Documents for this market sector typically do not include RW&Es that are available to investors and that relate to the asset pool underlying the trust. Therefore, Fitch credit reports for this market sector will not typically include descriptions of RW&Es. For further information, please see Fitch's Special Report titled 'Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions'.

Additional information is available on www.fitchratings.com

PARTICIPATION STATUS

The rated entity (and/or its agents) or, in the case of structured finance, one or more of the transaction parties participated in the rating process except that the following issuer(s), if any, did not participate in the rating process, or provide additional information, beyond the issuer's available public disclosure.

APPLICABLE CRITERIA

Structured Finance and Covered Bonds Country Risk Rating Criteria (pub. 07 Jul 2023)

Structured Finance and Covered Bonds Counterparty Rating Criteria (pub. 29 Nov 2023)

Single- and Multi-Name Credit-Linked Notes Rating Criteria (pub. 18 Dec 2023) (including rating assumption sensitivity)

Global Structured Finance Rating Criteria (pub. 19 Jan 2024) (including rating assumption sensitivity)

ADDITIONAL DISCLOSURES

Dodd-Frank Rating Information Disclosure Form

Solicitation Status

Endorsement Policy

ENDORSEMENT STATUS

Station Place Securitization Trust, Series 2024-CL1 	EU Endorsed, UK Endorsed

(C) 2024 Electronic News Publishing, source ENP Newswire