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Fitch gives Towergate notes BB, B-, loan BB
Fitch Ratings said it affirmed Towergate Finance plc's long-term issuer default rating at B.
The outlook is stable.
Fitch also said it assigned Towergate's proposed £280 million senior secured notes due 2018 and £160 million term loan B an expected rating of BB and an expected recovery rating of RR1(exp).
The agency also said it has assigned Towergate's planned £290 million senior notes due 2019 an expected rating of B- and an expected recovery rating of RR5(exp).
The ratings are contingent on the receipt of final documents.
The ratings are supported by its leading position in the fragmented United Kingdom non-life insurance brokerage market, strong partnership with large insurance companies and expertise in various specialized product classes that cover both the small- and medium-enterprise commercial insurance and personal insurance segments, Fitch said.
The recent purchase of a minority stake in Towergate for a £200 million by private equity firm, Advent International, will not materially change the group's strategy, which further supports the ratings, the agency said.
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