Moody's downgrades Towergate and predicts restructure

Moody's has downgraded Towergate's corporate family and
probability of default ratings by two notches in another blow for
the struggling broker.
In addition, Towergate's senior instruments and senior
unsecured paper were downgraded by one notch, while the senior
secured notes were downgraded by three notches.
Moody's added that all of the ratings could be subject to
further downgrades, and that the broker was "increasingly
constrained" in relation to its longer-term liq