Fitch lowers Towergate, notes

Fitch Ratings said it downgraded Towergate Finance plc's long-term issuer default rating to C from CC.

Towergate's senior secured notes due 2018 were downgraded to CC/RR3 from CCC-/RR3 and the senior unsecured notes due 2019 were affirmed at C/RR6.

Fitch said the downgrade of the issuer default rating to C follows Towergate's agreement with its senior secured creditors to implement a financial restructuring under a U.K. scheme of arrangement. If the restructuring plan under the scheme of arrangement is approved, upon completion, Fitch will downgrade the issuer default rating to RD (restricted default).

Subsequently, the agency said it will re-assess Towergate's issuer default rating and assign a rating consistent with the agency's forward-looking assessment of the company's credit profile following the distressed debt exchange.

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