Towergate responds to Fitch rating warning
Towergate has declared its finances to be “rock solid” as credit rating agency Fitch downgraded its outlook from stable to negative.
In a recent report Fitch maintained Towergate Finance's long-term issuer default rating (IDR) at B but said that without further deleveraging and an improvement in EBITDA the broking giant risked being downgraded to B- in the next two years.
Group chief finance officer at Towergate, Ian Patrick, commented: "Towergate is a business of significance and interest in the investment community and as such it is the only rated broker in the UK which does not have a public listing of its shares.
"Towerga
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