Fitch affirms TP ICAP

Fitch Ratings said it affirmed TP ICAP plc's long-term issuer default rating at BBB-.

The outlook is stable.

At the same time, the agency affirmed the rating of TP ICAP's senior unsecured debt at BBB-.

“The long-term issuer default rating of TP ICAP reflects its leading franchise in voice and hybrid broking, low credit and market risk as a result of its predominantly intermediary focus, sound earnings generation and leverage and liquidity metrics that are commensurate with its ratings,” Fitch said in a news release.

“The ratings also reflect the sensitivity of cash flow leverage to ongoing cost pressures faced by TP ICAP as well as pressures on its current liquidity profile due to, for example, significant capex for 2018 and 2019.”

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