Moody’s downgrades Towergate again
Second downgrade in a month takes Towergate deeper into ‘junk bond’ territory.
Rating agency Moody's has downgraded Towergate for the second time in a month pushing the consolidator deeper into 'junk bond' territory.
The agency has downgraded Towergate Holding II by two notches to Caa3/Caa3-PD. It has also downgraded Towergate Finance plc with its senior secured facility dropping three notches to Caa2 and the senior unsecured facility slipping on notch to Ca.
Any Moody's rating below Ba is considered to be 'junk' and believed to be a higher default risk in relation to
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