Fitch rates KIRS B-

Fitch Ratings said it assigned an expected B- long-term issuer default rating to KIRS Midco 3 plc with a positive outlook.

KIRS Group has been formed by combining the businesses of Towergate (TIG Finco plc), with Direct Group, Price Forbes, Chase Templeton and Autonet, Fitch explained.

The expected rating is supported by the enhanced market position and product diversity of the combined group, improved liquidity and strong shareholder support, the agency said.

The rating is constrained by the mature U.K. insurance market, negative 2017 free cash flow and execution risk related to the expected full delivery of the Towergate transformation plan, Fitch said.

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