Fitch: Towergate notes BB/RR1

Fitch Ratings said it assigned Towergate Finance plc's recent issue of £396 million senior secured notes due 2018 a final rating of BB/RR1.

The entire amount issued has taken the form of floating-rate notes as opposed to a mix of floating-rate notes and a tap on the existing 8Ω% senior secured fixed-rate notes.

However, this does not have any effect on Towergate's issuer default rating or other instrument ratings.

Fitch consequently withdrew the expected rating of BB(EXP)/RR1 on the 8½% senior secured notes tap issue.

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