S&P boosts Leucadia

Standard & Poor's said it raised its long-term counterparty credit rating on Leucadia National Corp. to BB+ from BB.

The outlook is stable.

S&P said that the rating action reflects Leucadia's strong management team, which is clearly defined by its continued investment success in an increasingly competitive market; its ability to adapt to changing industry dynamics; its improved investment diversification; and its conservative approach to liquidity management.

Leucadia has demonstrated its ability to adapt in this competitive market by supplementing its typical investment in distressed assets with more venture capital-like investments, the agency added.

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