Moody's affirms Towergate

Moody's Investors Service said it affirmed the B2 corporate family rating of Towergate Partnership Ltd. and revised the outlook to negative from stable.

"The rating affirmation reflects the continued strong market position Towergate maintains within the U.K. broker market, combined with healthy levels of free cashflows and excellent levels of profitability, at least on an EBITDA basis, where margins have consistently exceeded 25% of revenues, on Moody's basis," David Masters, a Moody's analyst, said in a statement.

The B2 rating incorporates expectation of the EBITDA margin remaining consistently above 20% together with some improvement in financial leverage from its debt-to-EBITDA ratio of 7.3x in 2008, according to the agency.

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