Fitch Ratings affirmed BGC Partners Inc.'s long-term issuer default rating and unsecured debt rating at BBB-. The company's short-term issuer default rating was affirmed at F3.
The outlook is stable.
In affirming the ratings, Fitch considered the company's established franchise in the interdealer broker sector, as well as its generally limited use of leverage, strong interest coverage, experienced management team and sound profitability metrics.
Fitch assigned an expected rating of BBB-(EXP) to BGC Partners' $300 million senior unsecured note issuance. Proceeds from the offering are expected to be used for general corporate purposes, including the repayment of borrowings on the revolving credit facility.
