Fitch downgrades Towergate bond
The ratings agency notes “slow” progress on transformation plan and maintains negative outlook.
Ratings agency Fitch has maintained Towergate's negative outlook and also downgraded its bond of £425m senior secured notes.
The agency noted that the last year had seen Towergate reduce costs through its transformation plan but also said that continued declines in sales had led to falling earnings and leverage remaining high.
Fitch noted: "The negative outlook reflects the uncertainty related to the deleveraging path and tight liquidity position, partly due to regulatory fines, but supported by
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