Fitch Ratings affirmed Lazard Group LLC's long-term issuer default rating and unsecured debt rating at A-.
The affirmation takes into account the company's earnings diversification and stability, compared to other independent financial advisory firms, according to Fitch.
The rating outlook is negative, reflecting Fitch's view that Lazard's leverage may exceed 1.5x over the outlook horizon due to the incremental $250 million debt issuance in March, the proceeds of which were used to fund incremental share repurchases, leading to a higher internal leverage tolerance than previously expected.
