Moody’s downgrades Towergate as Fitch opts for stable outlook
Moody's Investors Service has downgraded the ratings of Towergate citing the “continued significant levels of financial indebtedness”.
The news came after the broking giant reported a group pre-tax loss of £6.1m for 2012.
According to the ratings agency, the probability of default rating of Towergate Holdings II has worsened by one notch to B3-PD and the corporate family rating has moved from B2 to B3.
In addition the senior secured and senior unsecured instruments issued by Towergate Finance have also been downgraded to B1 and Caa2 respectively.
However Moody's added that the outlook had been changed from negative to stable.
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