Moody's rates Towergate loans B1, debt B3

Moody's Investors Service said it assigned provisional B1 ratings to the senior secured debt, revolver, acquisition facility, term loan A and term loan B and a B3 rating to the senior debt to be issued by Towergate Finance plc.

The B2 corporate family rating at Towergate Partnership Ltd. was affirmed.

The outlook is negative.

Upon closing of the refinancing, the corporate family rating will be transferred to Towergate Holdings II Ltd. from Towergate Partnership.

The B2 corporate family rating reflects expectation of the EBITDA margin remaining consistently above 20%, the agency said.

The affirmation also reflects expectation that the refinancing will lead to improvements in near-term financial leverage and coverage metrics, the agency said. In 2009 debt-to-EBITDA ratio was 9.3x.

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