Fitch upgrades Lazard Group

Fitch Ratings said it upgraded Lazard Group LLC's issuer default rating and long-term senior unsecured debt rating to BBB from BBB-.

The outlook was revised to stable from positive.

The rating action reflects Lazard's improved financial profile, specifically its reduced financial leverage and increased debt coverage measures. The company's enhanced financial position is the result of additions to its equity base through share-based incentive compensation awards, equity offerings post-IPO, improved earnings generation and debt repurchases, Fitch said.

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