S&P upgrades GFI

Standard & Poor’s said it raised the issuer credit and debt ratings on GFI Group Inc. to BB+ from B.

The ratings remain on CreditWatch with positive implications.

The action is based on news that BGC Partners Inc. secured the required two-thirds ownership in GFI necessary to effect a full merger, which demonstrates that GFI has become highly strategically to the group, S&P said.

The CreditWatch will be resolved when the merger becoming effective, the agency said.

At that time, S&P said it likely will raise GFI’s rating to the same as BGC, which is currently BBB-.

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