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Fitch: Tullett Prebon bond BBB
Fitch Ratings said it assigned an expected rating of BBB to the British pound 5.25% unsubordinated bond due June 2019 expected to be issued by Tullett Prebon plc and guaranteed by TP Holdings Ltd., an intermediate holding company within the group.
Fitch said it expects the bond proceeds to be used to refinance £90 million of existing bank borrowings, of which £30 million mature in early 2013 and the remainder in early 2014.
The agency said the bond should not therefore increase the group's overall financial indebtedness.
The bond is rated in line with Tullett Prebon's issuer default rating and the rating is driven by, and thus sensitive to, the same considerations that drive that issuer default rating.
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