S&P cuts GFI Group

Standard & Poor's said it lowered its issuer credit and senior unsecured ratings on GFI Group Inc. to BB- from BB+. The outlook on the issuer credit rating is negative.

The agency said its ratings on GFI reflect the company's position as a small firm in the intensely competitive, low-margin and relatively narrow institutional agency brokerage business.

"The rating actions reflect our view that GFI's generally accepted accounting principles profits and voice brokerage revenues are under pressure as a result of lower industry-wide trading volumes," said S&P credit analyst Kenneth Frey in a news release.

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