S&P rates Lazard notes A-

S&P said it assigned its A- issue rating on Lazard Group LLC's proposed senior unsecured notes.

While the size of the offering has not yet been finalized and will be subject to market conditions, S&P’s ratings assume that the amount will be no greater than $500 million.

The long-term issuer credit rating on Lazard Group LLC is A-, and the outlook is stable.

“We anticipate that management will use proceeds to pay down $250 million of its outstanding senior notes due in 2020 and use any additional proceeds for general corporate purposes, which may include share repurchases,” S&P said in a news release.

“We expect the issuance to have a modest impact on the company's leverage and for Lazard to continue to have adequate cushion relative to its 1.5x leverage threshold for a downgrade.”

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