Moody’s revises ICAP, Tullett to stable

Moody's Investors Service said it changed the outlook on ICAP plc's Baa3 long-term corporate family rating and the Baa3 senior unsecured debt ratings of ICAP and ICAP Group Holdings plc to stable.

At the same time, the outlook was also changed for the Ba1 long-term corporate family rating of Tullett Prebon plc and the Ba1 guaranteed senior debt of Tullett Prebon Group Holdings plc to stable.

All ratings were affirmed.

Moody’s said the change in outlook for both ICAP and Tullett Prebon follows the announcement of ICAP's sale of its global voice broking and information business to Tullett Prebon in return for a 56% equity holding in the enlarged Tullett Prebon plc, to be renamed TP ICAP.

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