Fitch affirms Tullett Prebon

Fitch Ratings said it affirmed Tullett Prebon plc's long-term issuer default rating and senior unsecured debt rating at BBB. The long-term IDR has a stable outlook.

The company's subordinated debt has also been affirmed at BBB-.

Fitch said the affirmation of Tullett Prebon's long-term IDR reflects the group's strong franchise as the world's second largest interdealer broker, its low credit and market risk profile, sound profitability and cash generation, low funding requirement, comfortable liquidity and improved leverage. The rating also reflects the company's high exposure to operational, reputational and regulatory risks, the cyclicality in its various products and liquidity risks inherent in its business model.

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