Moody's gives Towergate a stable outlook
Moody's raise Towergate's ratings after review
Moody's Investors Service today upgraded Towergate to B2 with a stable outlook, the Corporate Family Rating (CFR). This rating concludes the review process initiated on 18 May.
Moody's had previously assigned a B3 CFR to Towergate in May and, at the same time, placed it under review for a possible upgrade following the conclusion of its banking covenants renegotiation and pending the inclusion of Paymentshield into the group.
David Masters, Moody's lead analyst for Towergate, said: "The upgrade
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