Moody’s downgrades Towergate
Ratings agency warns of possible further downgrades.
Moody's Investors Service has downgraded the probability of default rating of Towergate by one notch to Caa1.
The senior secured and senior unsecured instruments issued by Towergate Finance plc have also been downgraded by one notch to B2 and Caa3 respectively.
Moody's added that all ratings have been placed on review for further downgrade.
The move came just one day after Fitch also downgraded Towergate and put it on a negative watch.
Both specialist ratings agencies highlighted the decline in
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