Fitch lifts Lazard to BBB+

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

The outlook was lowered to stable from positive.

Fitch said the upgrades reflect continued reduction of Lazard's financial leverage, strengthening of interest coverage and improvement in operating performance. The ratings continue to reflect Lazard's relatively low-risk balance sheet and significant franchise as a global independent financial advisor.

Rating constraints, however, include a relatively narrow product offering, the cyclicality of its business model and high compensation expenses relative to other financial institutions, the agency said.

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