Fitch cuts GFI, review to evolving

Fitch Ratings said it downgraded GFI Group Inc.'s long-term issuer default rating and senior unsecured debt rating to B from BB- and revised the watch status to evolving from positive.

Fitch said the action follows the termination of GFI's proposed merger with CME Group Inc., which GFI shareholders rejected in a special meeting on Jan. 30, and the subsequent announcement by GFI's board that it will be exploring strategic alternatives for its business with any and all interested parties including joint ventures, merger and/or acquisitions.

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