KBRA Withdraws Ratings of BGC Partners, Inc. Due to Corporate Conversion
2 Feb 2024 | New York
KBRA withdraws the issuer and senior unsecured debt ratings of BBB for New York, NY-based BGC Partners, Inc.
On July 1, 2023, BGC completed a corporate conversion wherein a new top-tier holding company, BGC Group, Inc. (KBRA issuer/senior unsecured debt ratings BBB/Stable Outlook), was formed as successor to BGC Partners, Inc. Subsequently, the company completed an exchange offer for the outstanding senior unsecured notes of BGC Partners, Inc. into senior unsecured notes of BGC Group, Inc. As a result of the exchange offer results and the terms and conditions of the offer, BGC Partners, Inc. will no longer file financial and other reports with the Securities and Exchange Commission. The ratings of BGC Partners, Inc. are therefore being withdrawn as a result of the corporate reorganization.
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