Fitch Ratings on May 24 upgraded Rothschild & Co. SCA unit N M Rothschild & Sons Ltd.'s long- and short-term issuer default ratings to A-/F1 from BBB+/F2, with a stable outlook on the long-term rating.

The agency, meanwhile, downgraded the long-term issuer default rating of Rothschild Martin Maurel SCS, another subsidiary of Rothschild, to A- from A, with a stable outlook on the rating. The unit's viability rating was downgraded to "a-" from "a" while its F1 short-term issuer default rating, 5 support rating and No Floor support rating floor were affirmed.

The ratings of both N M Rothschild & Sons and Rothschild Martin Maurel reflect the collective franchise strength of their parent company in financial advisory services in key markets France and the U.K. and across Europe.

Fitch noted that the ratings action on N M Rothschild & Sons recognizes the level of integration within the overall Rothschild group in terms of management, strategy, governance and the agency's expectation that the parent firm would provide capital and liquidity support to the subsidiary in case of need.

Rothschild Martin Maurel's ratings action follows the integration of Banque Martin Maurel's lending activities, Fitch noted.