Fitch boosts Lazard to BB+

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

The outlook is stable.

The upgrade is based on Lazard's improved capital base, a byproduct of additional equity offerings and higher retained earnings, Fitch said.

Lazard's issuer default rating is based on the firm's highly leveraged post-IPO capital structure, well-established global investment banking business, consistent prior profitability and minimal expected future capital needs, the agency said. Lazard's current ratings assume some variability in performance and continued high leverage, Fitch added.

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