Fitch downgrades Towergate

Fitch has downgraded UK broker Towergate's long-term issuer
default rating (IDR) to B- from B, and has placed the rating on
negative watch.
Towergate's senior secured notes due 2018 have also been
downgraded to BB-/RR1, while its senior notes due 2019 were
downgraded to CCC+/RR5. Both ratings were also placed on negative
watch.
"The downgrade and RWN [rating watch negative] reflects
growing uncertainty concerning Towergate's ability to improve
short-term operational cash flow an