Moody's confirms Towergate's CFR but changes outlook to negative
Moody's Investors Service has affirmed the B2 Corporate Family Rating (CFR) of Towergate Partnership and revised the outlook from stable to negative
At the end of 2008 Towergate controlled around £1.7bn of premiums in aggregate. Moody's said it previously upgraded the CFR to B2 in July 2009, following the successful integration of Paymentshield into Towergate.
David Masters, Moody's lead analyst for Towergate, said: "The rating affirmation reflects the continued strong market position Towergate maintains within the UK broker market, combined with healthy levels of free cashflows and excellent levels of profitability, at least on an earnings
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