Fitch affirms BGC, lifts GFI

Fitch Ratings said it affirmed BGC Partners, Inc.'s long-term issuer default rating and senior unsecured debt rating at BBB- and short-term issuer default rating at F3.

The outlook is stable.

The agency simultaneously upgraded GFI Group Inc.'s issuer default rating to BBB- from BB+ and short-term issuer default rating to F3 from B and withdrew the issuer default ratings due to the reorganization of the entity.

Fitch also affirmed and continues to maintain GFI's senior unsecured debt rating at BBB-.

In addition, the agency affirmed the ratings for BGC's parent company, Cantor Fitzgerald, LP, at BBB-/F3.

Fitch said the upgrade of GFI's issuer default ratings results in an equalization of the ratings with those of BGC reflecting that GFI has become a wholly owned, core subsidiary of BGC after the completion of the back-end merger in January 2016, the unconditional guarantee of GFI's outstanding debt by BGC and the integration of GFI's operations with those of BGC.

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