Towergate 'financially rock solid' despite IDR downgrade warning
Towergate chief financial officer Ian Patrick has described his firm as being “comfortably within the expected range” after Fitch Ratings reaffirmed the broker’s issuer default rating at ‘B’, but changed the outlook from stable to negative.
Responding to a warning that Towergate faces an IDR downgrade in the next two years unless the company can deleverage further and increase its EBITDA, Patrick declared that the business was
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