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S&P lowers Lazard
S&P said it downgraded Lazard Group LLC and its unsecured debt ratings to BBB+ from A-.
Lazard finished 2019 with leverage slightly above 1.5x, S&P’s downside trigger for the company, and it predicts lower cash flow generation will lead the company to end 2020 with leverage above that threshold.
The outlook is stable.
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