Fitch downgrades Towergate
Ratings agency also keeping a negative watch on the company.
Fitch Ratings has downgraded Towergate Finance plc's long-term issuer default rating (IDR) to 'B-' from 'B' and placed the rating on a negative watch.
The move comes just one day after the troubled consolidator announced net debts of £977.5m, increasing losses, cash flow problems and that it was up for sale in its results for the year to 30 September.
Fitch also confirmed that Towergate's senior secured notes due in 2018 had been downgraded to 'BB-'/'RR1' and that senior notes due in 2019 had
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