Fitch Rates Station Place Securitization Trust, Series 2026-CL3

Published: 2026-05-12 06:51:21 ET JEF

Published on 05/12/2026 at 06:51 am EDT

Fitch Ratings has assigned a 'BBB+sf' rating and Stable Rating Outlook to $100 million in floating rate notes (FRNs) issued by Station Place Securitization Trust, series 2026-CL3.

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

RATING ACTIONS

Entity / Debt

Rating

Station Place Securitization Trust, Series 2026-CL3

Floating Rate Notes, Series 2026-CL3, due May 11 2027

BBB+sf

New Rating

Page

of 1

VIEW ADDITIONAL RATING DETAILS

KEY RATING DRIVERS

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 (MRA).

Monthly interest on the FRNs will be paid with funds the borrower receives from JFLLC under the MRA. JFLLC will repurchase the assets at the end of the MRA term at the value at which they were sold to the borrower. The borrower will use the proceeds 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 MRA. The FRNs are secured by the repurchase agreement collateral and the rights under the MRA. The trust's payment obligations on the FRNs are not directly guaranteed by Jefferies.

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 Issuer Default Rating (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 FRNs' 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 Counterparty Rating Criteria (pub. 29 Nov 2023)

Structured Finance and Covered Bonds Country Risk Rating Criteria (pub. 17 Jun 2025)

Global Structured Finance Rating Criteria (pub. 05 Dec 2025) (including rating assumption sensitivity)

Single- and Multi-Name Credit-Linked Notes Rating Criteria (pub. 05 Mar 2026) (including rating assumption sensitivity)

ADDITIONAL DISCLOSURES

Dodd-Frank Rating Information Disclosure Form

Solicitation Status

Endorsement Policy

ENDORSEMENT STATUS

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Solicitation Status

The ratings above were solicited and assigned or maintained by Fitch at the request of the rated entity/issuer or a related third party. Any exceptions follow below.

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Endorsement Policy

Fitch's international credit ratings produced outside the EU or the UK, as the case may be, are endorsed for use by regulated entities within the EU or the UK, respectively, for regulatory purposes, pursuant to the terms of the EU CRA Regulation or the UK Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019, as the case may be. Fitch's approach to endorsement in the EU and the UK can be found on Fitch's Regulatory Affairs page on Fitch's website. The endorsement status of international credit ratings is provided within the entity summary page for each rated entity and in the transaction detail pages for structured finance transactions on the Fitch website. These disclosures are updated on a daily basis.