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S&P rates BGC Group notes BBB-
S&P said it assigned BBB- ratings to three senior unsecured note issues transferred to BGC Group Inc. from subsidiary BGC Partners Inc.
These notes were transferred to BGC Group Inc. upon the Oct. 6 close of its exchange offer, which saw most debtholders of each note tranche opting for the new notes, the agency said. This was done as part of the BGC group's corporate reorganization, in which BGC Group Inc. became the publicly traded top-level holding company of the BGC group.
The notes’ rating is the same level as the investment-grade issuer credit rating on BGC Group. The issuer credit rating reflects BGC's core importance to ultimate parent Cantor Fitzgerald LP, S&P said.
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