Fitch: Towergate view stable

Fitch Ratings said it affirmed Towergate Finance plc's long-term issuer default rating at B and revised the outlook to stable from negative.

Fitch also affirmed Towergate's £210 million senior secured term loan B and £248 million senior secured notes due 2018 at BB/RR1, and £290 million senior notes due 2019 at B-/RR5.

The affirmation of the issuer default rating and the revision of the outlook to stable from negative reflects the improvement in Towergate's organic operating performance over the 2012 fiscal year despite the prolonged challenging economic conditions and soft premium rates environment, Fitch said.

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