Fitch: BGC Partners notes BBB-

Fitch Ratings said it expects to assign a BBB- rating to BGC Partners, Inc.'s announced issuance of $300 million five-year senior unsecured notes.

The notes will rank pari passu with all existing senior unsecured notes, the agency said.

The proceeds will be used for general corporate purposes, which may include the repayment of a $160 million July 2016 debt maturity and to fund future potential acquisitions, Fitch said.

The rating is equalized with BGC's BBB- long-term issuer default rating, which reflects the modest impact on BGC's cash flow leverage and interest coverage ratios, the agency said.

The rating also considers the company's strong liquidity position and its track record of accretive acquisitions, Fitch said.

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