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Fitch changes GFI watch to positive
Fitch Ratings said it revised the watch status of GFI Group Inc.'s B long-term issuer default rating and senior unsecured debt rating to positive from evolving following the successful completion of BGC Partners, Inc.'s tender offer for GFI shares.
The watch revision reflects Fitch's expectation that GFI's ratings may ultimately be equalized with those of BGC and Cantor, depending on how the ownership structure between BGC and GFI evolves over the near-term and whether or not GFI's debt is ultimately assumed by BGC.
BGC is rated BBB- with a stable outlook, reflecting its materially lower credit risk profile, more diversified revenue base and more established franchise in the inter-dealer broker space.
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