Fitch revises Towergate outlook to negative from stable
Ratings agency cites Towergate's underperformance against a number of metrics.
Fitch has revised its outlook on Towergate's long-term issuer default (IDR) rating to negative from stable and affirmed the IDR at ‘B-'.
It also affirmed the consolidator's £75m super senior secured notes and £425m senior secured notes, due in 2020, at ‘BB-'/‘RR1' and ‘B'/‘RR3' respectively.
Fitch said the negative outlook reflects Towergate's underperformance against a number of the rating agency's sensitivity metrics including leverage, free cash flow (FCF) and Ebitda margin.
The agency
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