Delayed bond issuance prompts action
Rating agency Moody's has withdrawn the B1 senior secured and B3 senior unsecured debt ratings on broking group Towergate Finance bonds because they have yet to be issued.
The agency added, however, that it understood Towergate will still issue the notes in due course.
Towergate revealed in May that it had delayed the £655m bond issue because of market volatility.
Towergate's B2 corporate family rating, and the associated negative outlook, are unaffected by the rating action.
