Moody's: Towergate's profitability to remain constrained
Moody's expects difficult trading conditions in the UK market to affect the broker's revenue and profitability over the next 12 to 18 months.
Following the completion of the Towergate takeover, Moody's Investors Service has assigned a B3 Corporate Family Rating and a B2-PD Probability of Default Rating to TIG Finco, the new intermediate holding company of the Towergate Group.
Moody's said that the rating was driven by Towergate's strong position in the UK broker market, as well as good product diversification and attractive Ebitda margins.
The ratings experts added that the restructuring would significantly reduce Towergate's debt
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