Fitch Rates TIG Finco PLC 'B-'; Outlook Stable

April 7, 2015 2:00 PM

63 0

(The following statement was released by the rating agency) LONDON, April 07 (Fitch) Fitch Ratings has assigned TIG Finco PLC (Towergate), the new holding company for the Towergate Group, the following ratings: Long-term Issuer Default Rating (IDR) of 'B-', Stable Outlook GBP75m super senior secured notes due 2020: 'BB-'/'RR1' GBP425m senior secured notes due 2020: 'B'/'RR3' Fitch has also downgraded Towergate Finance Plc's Long-term Issuer Default Rating (IDR) to 'RD' (Restricted Default) from 'C', before withdrawing the rating.

Fitch has also downgraded Towergate Finance Plc's senior secured and senior unsecured notes to 'RD' and withdrawn the ratings. A full list of rating actions is provided at the end of this commentary. The downgrade to 'RD' follows the completion of a financial restructuring under a UK Scheme of Arran...

Read more

To category page

Loading...