Moody's downgrades Towergate

Moody's has downgraded the corporate family and probability
of default ratings of UK broker Towergate's holding company by
one notch to Caa1 and placed the ratings on review for further
downgrade.
Citing the broker consolidator's high debt ratio and
exhausted revolving credit facility, Moody's said the downgrade
reflected an increase in the group's "already
significantly high" debt-to-Ebitda ratio, which was 9.2x at
the end of 2013, up from 6.8x the year before.
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