Towergate warned on rating downgrade risk

Mark Hodges
CEO Towergate Financial

The warning came as Fitch affirmed Towergate’s rating as B but changed the outlook from stable to negative.

The analyst report explained the revision to a negative outlook reflected Towergate's underperformance up to September 2011 “against the agency's expectations in terms of income and EBITDA (7% and 11% below respectively) and the subsequent lack of deleveraging, which reduces headroom at the 'B' rating level.”

In November last year, the broker reported a £35.4m loss for the nine months

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