Moody's ups Leucadia National

Moody's Investors Service said it upgraded Leucadia National Corp.'s corporate family and probability of default ratings to Ba3 from B1, along with its junior subordinated regular bond/debenture to B2 from B3 and senior subordinated convertible/exchangeable bond/debenture to B2 from B3.

The agency also said it affirmed its senior unsecured regular bond/debenture at B1 with its LGD changed to LGD 4, 61% from LGD 4, 56% and the LGD of its senior subordinated convertible/exchangeable bond/debenture changed to LGD 6, 94% from LGD 6, 93%.

The ratings on the company's senior unsecured notes were maintained at B1 due to the increase in senior secured debt, Moody's said.

The outlook is stable.

The upgrades reflect the improvement in the company's liquidity position and assets to debt coverage as changes in market value over the last several quarters has resulted in substantial realized and unrealized gains, the agency said.

The ratings also consider the company's good liquidity, diverse portfolio of subsidiaries and of investments and its good performance during the 2008 to 2009 economic downturn, Moody's added.

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