Fitch upgrades Tullett Prebon

Fitch Ratings said it upgraded Tullett Prebon plc's long-term issuer default rating to BBB from BBB-, senior debt to BBB from BB+ and subordinated debt to BBB- from BB.

The outlook is stable.

The agency said the upgrade reflects improvements in the company's net debt, leverage and equity levels to a level consistent with the current rating.

The stable outlook reflects Tullett Prebon's strong franchise as the world's second-largest inter dealer-broker and Fitch's expectation that the company will maintain improved leverage metrics in the medium term.

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