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 The ratings of BGC Partners, Inc. are therefore being withdrawn as a result of the corporate reorganization.

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A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

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Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1003150

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