S&P ups Lazard

Standard & Poor's said that it raised the long-term counterparty credit rating on Lazard Group LLC to BBB from BBB- and the issue-level rating on Lazard's senior notes to BBB from BBB-.

The outlook is stable.

The ratings on Lazard are based on the group's well-established and broadly diversified franchise as well as its stable investment-management fee income stream and countercyclical advisory business model that provides general stability in revenues throughout the business cycle and limits the group's exposure to credit and market risk, the agency said.

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