Fitch Ratings has affirmed the long-term issuer default ratingand senior unsecured debt ratings of LazardGroup LLC at BBB+.

The ratings outlook is stable.

The ratings continue to reflect Lazard's significant franchiseas a global independent financial adviser and investment manager, a balance sheetlight business model, relatively low cash flow leverage, good interest coverageand strong operating performance. Ratings are pressured by the cyclicality of thecompany's businesses, a higher compensation ratio compared to peers and an AUM concentrationin emerging market equities.